Rob Kirby of Kirby Analytics says geopolitical tensions are the result of the unsound fiat money system and the resulting economic distress.
By kicking the economic can down the interstate highway, our officials are positioning for global warfare, which could erupt as soon as 2015.
Our guest is convinced that the People's Bank of China has accumulated at least 2 thousand tons of gold bullion per year.
Expect a ban on cash, relegating paper bills / coins to the garbage bin. The shift could facilitate a total surveillance state, where all transactions, no matter how small, leave a digital finger print.
When money is debased, creativity and the entrepreneurial / individualistic spirit is crushed.
Given the less than sanguine economic prospects facing most investors, the guest insists that portfolio diversification is a necessity, in particular, gold and silver assets.
Kirby paraphrases friend of the show, John Embry of Sprott Asset Management, "With precious metals, you can always afford to be two years early, but you can never afford to be ten minutes late."
The urgency is underscored by his findings that hyperinflationary events tend to occur in lightening like fashion, appearing from no where amid seemingly trivial events.
"I am a veteran of many markets but couldn't make heads or tails of what I was seeing. People who told me the gold market was rigged, I initially thought they were paranoid. Early on, I dismissed empirical observations and findings as merely coincidence but my curiosity was aroused. I started doing my own research - all Internet based. I started conversing on a regular basis with luminaries in the gold world. I've now met a great many of them. I started writing essays articulating my findings and have become a featured essayist at Lemetropolecafe.com, Financialsense.com and Safehaven.com. The essays I have written tell the story of my losing my naivete, becoming a writer and a conspiracy against gold. I have compiled and stitched them together with a lot of original, as yet unpublished material to create a quilt work that is comprehensible by lay people." .
Bill Murphy, GATA Chairman Murphy grew up in Glen Ridge, N.J., and graduated from the School of Hotel Administration at Cornell University in 1968. In his senior year he broke all the Ivy League single-year pass-receving records. He then became a starting wide receiver for the Boston Patriots of the American Football League. He went on to work for various Wall Street brokerage firms and specialized in commodity futures. He began as a Merrill Lynch trainee and went on to Shearson Hayden Stone and Drexel Burnham. From there he became affiliated with introducing brokers and eventually started his own brokerage on 5th Avenue in New York. He now operates an Internet site for financial commentary, www.lemetropolecafe.com.
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