Kiener: Gold Prices To Double On Paper Market Default
Posted October 7th, 2008 by xntryk1
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Tuesday, October 7, 2008
Kiener: Gold Prices To Double On Paper Market Default
Paul Joseph Watson
Jurg Kiener, CEO of Swiss Asia Capital, told CNBC this morning that the flight from paper currencies as a result of global interest rate cuts will lead to a doubling in the price of gold within a short period, as demand for physical precious metals outstrips supply, causing paper contracts on gold to default.
Kiener pointed out that the expected global reduction in interest rates, kick-started last night by the Australian central bank’s one point cut, means gold is a far more attractive option than any currency because purchasing power of paper money will continue to decline.
“The physical market has been on fire - it’s getting very hard to buy one ounce coins and smaller bars, most jewelry shops have been running out so we have a supply problem,” said Kiener.
Kiener said that there was a two tier market in gold, the one on Wall Street where the bankers continue to gamble, and the physical market which is “red hot” and demand is outstripping supply.
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Sierra do you see silver and gold dipping again
or are the dips done and it's jet fueled from here?
I have news for him...
I have news for him... demand has been outstripping supply now for a while!
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
Keep your wealth close to you.
The first step towards independence is to keep your wealth close to you.
Buy food and supplies first, if you have a large enough property buy livestock, chickens produce eggs, cows produce milk, bulls produce meat. If you don't have property, go into a joint venture with a small local farmer. You could even participate with labor if you have skills. Buy local merchadise to support your economy. If you have a lot of cash left over, then store your wealth in silver and gold.
T-bills are a suckers bet.
grant