Gold Should Be at $2,000 (Video)
Kitco News spoke with forecaster Gerald Celente about the grand manipulation of global markets by central banks. Celente argues that the only reason the gold price isn’t $2,000 is because of the low interest rates and quantitative easing of the Federal Reserve. He predicts a panic in US equity markets in 2015 and a resurgence in precious metals.
Highlights from Celente’s interview:
“The dollar’s strength is really many of the other currencies’ weaknesses. There’s nothing there to boost the strength of the dollar… Now [the Fed is] saying that they may not raise [interest rates] until 2016. That would mean that they haven’t raised interest rates in 10 years if they wait that long, because they haven’t raised them since 2006. There’s nothing to stabilize the dollar’s strength. We’re not seeing it in manufacturing, we’re not seeing it in production. We just saw the latest unemployment numbers – yeah, they created more jobs, but wages went down…
“What’s going to drive up the price of gold is the value of the currencies are going to continue to decline. Look at what’s going to happen over in Europe at the end of this month. They’re going to have a meeting for quantitative easing. That means buying up junk bonds, and they’re even talking now of buying up junk corporate bonds. So it’s one grand manipulation…
“Gold should be over $2,000 an ounce. I’ve been buying gold a long time. I began buying it in the late 1970s. Matter of fact, I bought gold on the day that it hit the interday high of $875 in January of 1980. I woke up the next morning and I lost about a third of everything that I had earned. I was there for the first gold bull run. This is a very different world than it was back then. You’re seeing demand in China. You’re seeing physical demand from India. You’re seeing physical demand everywhere that didn’t exist back then. This is a very different marketplace.
“The only reason why we see gold prices being suppressed, is because it’s not in the best interest of the central banks to wake up the people and say, ‘Look, we’ve been printing all this digital money, backed by nothing, printed on nothing, and it’s not worth much. That’s why gold prices are high.’ They don’t want that to happen. They will do everything and anything to keep the prices low…”
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