In this interview he said that the Euro will be printing money to bail out the banks and that within the next 9 months we will have an event that will make the 2008 collapse seem minor by comparison. Assuming that he is correct, Question: Would does that meant for PM's. My understanding is that when '08 happened, PM's dropped drastically along with stocks. So hold cash? http://www.youtube.com/watch?v=LHtLy3AfpMI&feature=plcp
"Everyone's going to print!". Solution: Hold cash Erm, am I missing something? My advice would be not to expect recent history to repeat. GFC2 may not be a mirror image to GFC1. Go with your instincts.
That's right, and the best position to be in GFC1 was cash Some think this time around will be different. Have a bit both ways imo.
3 major central banks have a meeting this week. US FED said "not yet" yesterday, at 10.30 brisbane time tonight super mario (draghi) speaks and bank of england not sure when but its this week
Gold is now considered a Tier 1 asset. Back in 2008, gold was not considered a Tier 1 asset - meaning, when the proverbial hit the fan, and the banks subsequently imploded, gold was sold down in order to raise cash; cash which has since been exponentially counterfeited into existence. Therefore, it stands to reason that gold will not get smashed as it did in 2008. If anything, and all you need do is research and read people like Jim Sinclair, gold is going much, much higher (first stop: $3500) Nations like China are furiously importing gold, despite being the number one gold producer on earth, the corollary of which is they export no gold whatsoever and openly encourage their citizens to buy all the gold they can get. Before long, they will back every one of their bank notes in the system with X amount of gold; leaving the US dollar and other currencies for dead.
If you can explain in some more detail what you mean here..if you mean they will go to a gold standard then they effectively have to create a currency ( fiat ) that can be easily converted to gold at a defined value. This notion that suddenly gold is going to be the answer to all ills that we have now is not a slam dunk guys!!!..how do people with no gold or silver get by..do we simply wipe them out of the equation..and say tuff no gold no food. I dont see that happening...however the transition to a fiat that has more inherent wealth will have to be worked through at some stage..but it is not going to be gold or silver only
AUD/USD went up about 60 pips when Super Mario started to speak and within 90 sec it went into free fall of -85 pips.
Has gold now been confirmed as a tier 1 asset? I haven't read anything about it being confirmed, only condidering it. I hope it hasn't been confirmed, price hasn't reacted very well to the news if it has.
