Comment: My interpretation of what he said is different.

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My interpretation of what he said is different.

What I think he is saying is the BUBBLES in assets will be difficult to hide.

My interpretation is that they have been able to hide the bubbles and gold is the canary in the coal mine so it will be difficult to hide the global fiat bubble much longer (the currency war).

The assets shifted from one place to the next but when people go into gold, that is physical gold, it will have a blow off top that will expose the systemic flaws; the inflation (asset bubbles).

I guess the interpretation could also be that holding gold will not be a safe asset when there is a systemic crises but he didn't say gold will not be a safe asset and he is still bullish on gold and it being a wealth preserver.

Again just read it from my perspective and I'll give a synopsis of the last paragraph:

There are bubbles. The bubbles are shifting. They shift to hide/mask systemic crisis. The systemic crisis will be visible at some point (not be able to be hidden any longer). Gold suppression will no longer hide the systemic crisis (gold rising will expose that there are still systemic problems).

Of course in 2007-08 "recession" gold fell a significant amount in paper price along will all asset classes but it did recover more quickly than everything else (gold and other precious metals).

History does not long entrust the care of freedom to the weak or the timid.
Dwight D. Eisenhower