+ Reply to Thread
Results 1 to 2 of 2

Thread: QE3 Could Bring About $5,000 #Gold and $1,000 #Silver

  1. #1
    Join Date
    Dec 2009
    Atlanta area

    Default QE3 Could Bring About $5,000 #Gold and $1,000 #Silver

    How QE3 Could Bring About $5,000 Gold and $1,000 Silver

    By Rocky Vega | Daily Reckoning

    07/16/11 Barcelona, Spain – In his recent commentary, Ambrose Evans-Pritchard sees the world nearing a revived gold standard as the US, Europe, and Japan all continue testing the limits of maximum sovereign debt levels.

    With potential for QE3 — a third round of the Federal Reserve’s quantitative easing program — on the horizon, governments around the world must consider alternatives to the US dollar and other paper money. These developments are likely to continue impacting precious metal prices.

    From The Telegraph:
    “’It is very scary: the flight to gold is accelerating at a faster and faster speed,’ said Peter Hambro, chairman of Britain’s biggest pure gold listing Petropavlovsk. ‘One of the big US banks texted me today to say that if QE3 actually happens, we could see gold at $5,000 and silver at $1,000. I feel terribly sorry for anybody on fixed incomes tied to a fiat currency because they are not going to be able to buy things with that paper money.’

    “China, Russia, Brazil, India, the Mid-East petro-powers have diversified their $7 trillion reserves into euros over the last decade to limit dollar exposure. As Europe’s monetary union itself faces an existential crisis, there is no other safe-haven currency able to absorb the flows. The Swiss franc, Canada’s loonie, the Aussie, and Korea’s won are too small.

    “’There is no depth of market in these other currencies, so gold is the obvious play,’ said Neil Mellor from BNY Mellon. Western central banks (though not the US, Germany, or Italy) sold much of their gold at the depths of the bear market a decade ago. The Bank of England wins the booby prize for selling into the bottom at €254 an ounce on Gordon Brown’s orders in 1999. But Russia, China, India, the Gulf states, the Philippines, and Kazakhstan have been buying.”
    Evans-Pritchard notes that China in particular delays and obscures its large gold accumulations. It has already recently doubled its holdings and plans to continuing growing its hoard from 1,054 to roughly 8,000 tonnes. Another strategic buyer of gold he cites is Switzerland, which has hearings underway on how to develop a “a parallel Gold Franc.” You can read additional details in his Telegraph commentary on how there could be a return to the gold standard as world order unravels.


    Rocky Vega,
    The Daily Reckoning

  2. #2
    Join Date
    Oct 2007
    Atlantic City

    Default Direction we are going

    We could be headed for those sorts of numbers regardless of what goes on with the wheelings and dealings of those responsible for much of our financial insolvency. The people who caused the problem are now trying to patch something up. It's really too bad they didn't have the insight to avoid the problem to begin with.

    The most secure investment that anyone could have right now is at least some of your assets in physical gold and/or silver. The little bit I have laying around is not enough and not even close to what I SHOULD have put into it.

    These idiots will deplete your 401K, dole out more taxes on an already overburdened bunch of taxpayers all the while providing tax loopholes to favored corporate entities, deprive you of seeing all of the social security that you paid into all those years so they can give a few extra billion to Pakistan, continue to spend frivolously with a "Yippeee!!! Blank check attitude" where the sky is the limit all the while wondering why they don't have enough money and wanting more... it's a vicious cycle which can only lead to disastrous results with their errant manipulations of our frail fiat currency system.

    Gold and silver are your best protection against those who seem to have no problem with destroying the economic security of our nation and to bleed your assets dry while they do it.
    Last edited by Tarzan; July 21st, 2011 at 05:47 AM.

+ Reply to Thread

Similar Threads

  1. Gold Aimed at $6,500/oz, Silver at $600/oz
    By zengrifter in forum Economica
    Replies: 16
    Last Post: July 29th, 2015, 04:31 PM
  2. Gold, Silver Hit New Highs
    By zengrifter in forum ZenZone General Discussion
    Replies: 5
    Last Post: July 11th, 2012, 07:52 PM
  3. Silver Will Be Worth More Than Gold --VIDEO
    By zengrifter in forum Economica
    Replies: 0
    Last Post: January 1st, 2011, 08:33 PM
  4. China Urges Citizens to Buy Gold and Silver
    By Brutus in forum ZenZone General Discussion
    Replies: 16
    Last Post: September 9th, 2009, 07:09 PM
  5. Silver, Gold & The Last American Hero
    By zengrifter in forum ZenZone General Discussion
    Replies: 0
    Last Post: April 2nd, 2008, 10:20 PM

Tags for this Thread


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts