Listen to an important interview with Jim Rickards Senior Managing Director for Market Intelligence at Omnis, Inc. and ITM Trading President Craig Griffin. The interview describes how Mr. Rickards view of gold at $7,000 per ounce is possible. [soundcloud url=”http://api.soundcloud.com/tracks/37285296″ params=”auto_play=false&show_artwork=false&color=ff7700″ width=”100%” height=”100″ iframe=”true” /]
India and China considering paying for Iranian oil in gold instead of U.S. dollars in order to circumvent the oil embargo. This could severely hurt the sanctions that the US and Europe are imposing in an attempt to shut down the Iranian nuclear program. Circumventing the dollar is also not good for the value of the dollar.
Congressman Ron Paul asks Federal Reserve Chairman Ben Bernanke about why they have spent $5.3 trillion, giving money to bankers and corporations. He also asks Bernanke the question – Is gold money?
The economic situation is discussed by Lakshman Achuthan, Managing Director of ECRI, interviewed on CNBC on the current economic worldwide condition. He says to look for more recessions more often due to current trends in the market. He also says that we are no longer in recovery mode as we examine the economic situation.
[youtube width=”560″ height=”315″]https://www.youtube.com/watch?v=3N2sOWP1UCg[/youtube] “If the financial world comes to an end, (you’ll) have the gold, well, if you are playing the ETF’s, you’re gonna have a piece of paper!” – Rick Santelli of CNBC “Well, yeah, all of this is true because you’re not going to be able to get at that gold in a crisis.” – Frank Lesh of FuturePath
The World Reserve Currency is on Peter Schiff’s mind as he comments on the Soros meeting at Bretton Woods and that the problem is that the U.S. dollar is the world’s reserve currency and that we have been abusing this status. Peter states that interest rates worldwide are too low and that the U.S. can only run these huge deficits because it has the status of World Reserve Currency.
A credit rating loss is what the U.S. in danger of with credit ratings agencies warning that the debt and deficit levels are unsustainable and they may be forced to lower the credit rating of the U.S. from AAA with a credit rating loss.
The U.S. dollar is losing status, says Peter Schiff on CNBC saying that Americans need to prepare for a dollar collapse as the U.S. dollar’s status as the world’s reserve currency slowly evaporates. He believes that we are going to see a lot of inflation here in the U.S. as the dollars that we printed come home and present us with a U.S. dollar that is much less valuable.
In an interview with Jim Rickards discussing bailouts on CNBC, Jim says that because all bad risks taken by companies and countries are bailed out, it is hard to say if there is a real recovery or real growth. He also says that nothing is being resolved, just more printed money and therefore it will be resolved in the future.
Egon Von Gruyerz, founder of goldswitzerland.com, was interviewed on CNBC and stated that he believed gold will go to somewhere between $5,000 to $10,000 per ounce.