-- Published: Thursday, 29 August 2019 | Print  | Disqus 

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Highlights

• Returning from a sabbatical in Italy, Peter Schiff notes profligacy could unravel the domestic economy.
• The ideal panacea includes returning the global reserve currency to a gold-backing.
• Ghana recently experienced a financial crisis where 1/3 of the financial institutions closed their doors.
• $1.6 billion evaporated - Wikipedia rolled out a webpage outlining the Ghana Banking Crisis.
• A legion of top Wall Street money managers/analysts continue to recommend gold.
• Several top analysts are predicting $2,000+ gold.
• Mark Mobius recently advised investors to "Buy gold at any price."
• The duo both agree that the "King of Currencies" will eventually be re-monetized.
• Leading the charge to remonitization remains the Bank of International Settlements (BIS).
• The team also concurs on a minimum fair valuation for gold falls within the range of $5,000-10,000.
• Bank of England Governor Mark Carney proposed a cryptocurrency as the reserve currency.
• Reallocation from the 4 key FANG stocks alone could send the PMs share sector into deep space-orbit.
• Peter Schiff notes that Bitcoin and related tokens could run much higher in sympathy with gold.
• Recent examples include Zimbabwe where half a million of their dollars will procure 1 ounce of gold and Venezuela, where only a few years ago, the price of gold in pesos was comparable to dollars; today an ounce of gold is worth approximately 400 million.

Just back from a sabbatical, the scenic Peninsula nation of Italy, home of the great empiricist Galileo, the head of SchiffGold,Euro Pacific Capital Peter Schiff notes decades of profligacy could unravel the domestic economy quickly if policymakers ignore the warnings from the past. The ideal panacea for what ails the economy, returning the global reserve currency to the Constitutionally prescribed gold-backing. To illustrate in real-time how quickly financial conditions come to pass, Ghana recently experienced a financial crisis where 1/3 of the financial institutions closed their doors virtually overnight, which evaporated $1.6 billion; Wikipedia rolled out a webpage outlining the Ghana Banking Crisis. A legion of top Wall Street money managers/analysts continue to recommend gold in anticipation of new records price levels calling for $2,000+ gold with legendary professional investor Mark Mobius recommending investors to "Buy gold at any price." The duo both agree that the "King of Currencies" will eventually be re-monetized, as every G7 nation accepts only gold-backed fiat money, as evidenced by the Bank of International Settlements (BIS) latest statements on the "Barbarous relic." The team also concurs on a minimum fair valuation for gold falls within the range of $5,000-10,000, with the proviso that the financial crises predicted play-out as expected. Meanwhile, in a stunning announcement, Bank of England Governor Mark Carney proposed an overhaul of the global financial system to replace the Greenback as a the reserve currency with a cryptocurrency (GATA.org & Bloomberg.com, 2019). Given the runaway US equities market and phenomenal echo-bubble 2.0 in the domestic housing sector, once investors realize the relative opportunity presented by PMs shares, reallocation from the 4 key FANG stocks alone could send the sector into deep space-orbit. Peter Schiff notes that Bitcoin and related tokens could run much higher in sympathy with gold and related shares, as a hedge against lost purchasing power via a currency crisis. Recent examples include Zimbabwe where half a million of their dollars will procure 1 ounce of gold and Venezuela, where only a few years ago, the price of gold in pesos was comparable to dollars; today an ounce of gold is worth approximately 400 million.

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 -- Published: Thursday, 29 August 2019 | E-Mail  | Print  | Source: GoldSeek.com

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