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Kiener: Gold Prices To Double On Paper Market Default
- Text size
Paul Joseph Watson
Prison Planet
Tuesday, October 7, 2008
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.
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| 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.
“I think we’re going to get very close where we see the environment where the paper contracts on precious metal defaulting, and with that we’re going to get a massive price increase in the overall prices of precious metal,” said Kiener.
Asked where he expected gold to go after the paper market broke down, Kiener said he expected gold to double in price, “in a very short period of time, it will spike up quite fast,” he added.
- A d v e r t i s e m e n t
“If you had an oil rally going from $65 to $140 dollars in nine months, I think it can double in gold in a much shorter period because the market is much much smaller,” Kiener stated.
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.
As we highlighted yesterday, the demand for physical gold is frantic and people are willing to pay premiums of $50 or more to get their hands on the precious metal.
The potential for hyperinflation is a very real threat, and it has led to a spike in gold purchases. The Royal Canadian Mint recently sold out of one ounce gold bullion bars in what tellers described as a “crazy” demand to own the precious metal.
The U.S. Mint also ran out of one-ounce American Eagle coins in August and one-ounce American Buffalo coins at the end of September.
Michael Levy, a gold broker based in Surrey, B.C., said the volume of people purchasing gold is at its highest since the inflation scare of 1979. “People were buying then because of inflation, now because of a growing distrust in paper currency,” he said. “It’s a different mentality but the same rush.”
Yesterday, 40-year market veteran and fund manager Robin Griffiths of Cazenove Capital Management told CNBC that the overprinting of dollars as a result of the Wall Street bailout will act as a catalyst for gold prices to rocket to $2,000 an ounce, as demand for precious metals outstrips supply amidst rumors of market manipulation.
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October 7th, 2008 at 8:49 am
They’ve been saying for a few years that gold will go as high as $2000 an ounce and then crash.
October 7th, 2008 at 8:54 am
then crash? whose analysis is that? must be quite an expert, considering gold has not ‘crashed’ in 6000 years…………..
October 7th, 2008 at 9:02 am
Brilliant. The higher the value, the more we can shun currency. We should be dealing for necessities, not for money anyway! I’d much rather grow my own veg and trade it for some other food types, rather than get paid a pittance from a job and spend it on very low quality, low welfare foods.
October 7th, 2008 at 9:21 am
imagine if everyone got gold on payday.does that sound good to you. i mean every working man and women in america-gold on payday.anyone out there like that idea?
October 7th, 2008 at 9:38 am
I agree that paper money is declining.. and gold and silver are safe commondities. However, I rarely hear any ideas to substitute the way we buy and trade. There is not enough gold in the world to use as currency, mainly because the govt’s and bankers stole all of it through brainwashing and propaganda. Remember the coins used to be worth something. Now they are just medal clad CRAP. I’m looking at a 1923 Peace dollar right now. 90% silver content, maybe worth 10 bucks in silver value. But the think is I would never use this coin to buy or sell goods. I use paper and I hate the fact that it is losing its value day by day. BUT… what is the solution. The gold standard would be a solution, but is it practical, especially considering our national debt and rate of current inflation. I just don’t know. I’m not an economist buy I know that whe you pump a bunch of paper into the system you get inflation. So, what can we do to change this? I don’t know.. and I don’t hear anyone speaking of a viable solution to replacing the Federal Reserve Bank and the Fiat currency. Please… if anyone can enlighten me that would be great. And if you want to take a stab don’t just point to something and say that will work (Austian System) I want to know actual specifics of what you would do to change the monetary system. Thanks. And for the record I’m awake and realize the false left/right paradigm and the globalist agenda to conquer. And therefore, I understand the International bankers role in all of it. I’ve seen “Money Masters” great doc. Peace.
October 7th, 2008 at 9:39 am
#1 – gold has an intrinsic value that paper simply does not have. it can never go down to zero
October 7th, 2008 at 9:48 am
Peace and blessings unto all.
And so the illusion continues…Now that the bottom has completely come out from under their fiat paper currencies, investors are scrambling for what they deem to be the only remaining “solid” commodity – and that is gold and other “precious” metals. This clinging to “inert” elements and their corresponding material derivatives is really the root cause of the mindset currently plaguing mankind.
Before there was money (or coin) there was gold. It as long been engrained in the collective archetypal human mental condition that gold is the absolute in terms of investment fortitude. For several thousands of years we have been taught that we should revere and value it if not outright worship it above all else of this earth. Greed and vanity are powerful forces that humans must shed in order to truly bring about a better world where the fear of “market forces” is a thing of the past. Most people are so caught up in this economic calamity that they are actually unaware and perhaps unable to perceive that the entire situation is a contrivance being executed by those who truly move the pieces around this global economic chess board. And this is the way it has always been since pharaoh set a golden crest about his kingdom some 7500 years ago. Besides, what in the world are people buying this metal commodity of gold with anyway? Of course it’s more of the debased fiat paper currency that in the end will not keep the confiscators of the banking guild at bay when they leverage one’s assets as a means to rectify their current crises. Because how can one legitimately buy a “valued” commodity with a Federal Reserve promissory note? We need to wake up and realize this massive scam of money, gold, & wealth that has ruled mankind for thousands of years is contrary to logic and reason and further is inhuman as it places the value of a substance found in the earth above the only true resource of planet earth – humanity. Pray for mercy.
Go further, think deeper & seek the truth at all costs. Learn more at subversivearchitect.com
October 7th, 2008 at 9:51 am
Get on board the train because it is leaving. Get some Gold and silver. Because you don’t when another train will come again. That time is get on board now.
October 7th, 2008 at 10:08 am
Gold will go very high during times of massive inflation, however, being a commodity that you can not eat, drink, $hit or wipe your butt with, the price will plummett after that when noone is buying it.
When everyone is too poor to buy gold, the supply will far outstrip the demand and prices will hit the floor. Of course it will never lose all its value since it has intrinsic value, unlike paper.
To make money off gold you have to know when to get in and when to get out and time it just right.
One thing you can do now is buy gold and wait for the price to double and hold steady, then sell it off and use it to pay down your debts. Or use it to buy property when prices of real estate hit rock bottom.
The best that gold will do for you is hold its value in comparison to other commodities and preserve your wealth until the Amero comes into play.
Same goes for oil etc.
October 7th, 2008 at 10:11 am
Peter my friend you are ill informed. Just go look at a 50 year price history gold then come back here. I mean unless you don’t think losing half its value in one year is considered a crash? To give you a hint where to look, in 1980 gold was over $800 an oz. and in 1981 it dipped below $400 an oz. Please don’t believe everything you are spoon fed.
October 7th, 2008 at 10:14 am
There was a time years ago when cash was king!! But no longer!! When I went to Africa in 2006; I went to one of their banks and they treated my dollars like they were worthless trash compared to how they treated them about 5 years ago!! Our guide told us that it was very strange that they showed our American dollar so much disrespect as we were trading them at the window for their francs!! We were appalled and had to trade them in an abandoned building with the money changers to get a higher rate!! And the bank tellers also looked at us as though they knew that our American money would be worthless one day!! BUT DON’T WORRY!! THE ANTICHRIST GLOBALIST MONEY AND MANSIONS AND CASTLES AND AIRPLANES AND PROPERTY AND BANKS WILL ALL BURN IN THE VERY NEAR FUTURE!! After they have murdered those of us who won’t take their draconian zombie making beast chip!! As those of us who know and serve Jesus will be liiving like gods and goddesses on the renovated Earth when Jesus returns with His army of Mighty angels and defeat the antichrist forces in hours!!
October 7th, 2008 at 10:14 am
If you step back and look at the big picture, gold isn’t about to double in price, but rather the dollar is about to make a large sink in comparison as it continues to move towards its intrinsic value(~4cents).
The gold will still buy you roughly the same amount of stuff it always has, it’s the dollars that are becoming worthless.
If you haven’t started thinking of how to use an alternative currency, what are you waiting for?
October 7th, 2008 at 10:22 am
The problem with gold is that there isn’t enough to amount for the monetary “invented value” scam that’s going on. The numbers are just not comparable. It’s like 10000:1 ratio or worse. (i.e. with all the scam cash around the world, yuo could buy 10,000 times the whole amount of gold ever extracted)
So, I reckon it will just remain a speculator market. Yes, I am sure people are buying gold atm, but that’s just a minimal amount. Most of the gold is in large warehouses in NY, and few other locations, and that’s “untouchable” and won’t go into the market cause it belongs to the bankers in charge of the scam, as security for when the scam really hits the dirt.
October 7th, 2008 at 10:27 am
The quantity of Gold may not be relevant to its ability to be used as currency. Once the backing is fixed at whatever value it has based on the available supply, no additional quantity is necessary and we would simply trade with smaller denominations if necessary.
Quantity, is a non-issue.
However, the fact that the indexes of both Gold and Silver have been and are being so effectively supressed right now, means that using these as backing for currency would leave our currency itself manipulable by those who now are able to manipulate the metals markets.
We need a commodity-backed currency, though because otherwise even under a Constitutional system of Congressionally issued non-debt fiat currency, you still at some point rely on trusting government (and consequently the people’s understanding and desire to make them accountable) to avoid inflation. I don’t trust those things right now. Maybe an 19th century America and Congress could responsibly manage the money supply when it was people’s #1 issue (we are now getting a glimpse of why) but not with the type of dumbed down masses and congressmen we have today.
October 7th, 2008 at 10:34 am
QuestionForALL Post #5 –
The answer is simple.. We as a society have been conditioned so that anything other than money is not to be trusted. Even if someone were apprached directly with an offer for gold in exchange for cash they would be hesitant. The only thing people have been trained to trust is US$ in the US, and the same currency in other countries. They want things so imple that they don’t have to think or have knowledge when they have to decide and issue. That envioronment has been created for them thanks to their cooperation with the educational system, lead by the GVT who is directed by those who influence GVT for their agenda..
October 7th, 2008 at 11:02 am
@ #15
Constitutional money is not printed on any paper. Constitutional money is coin STRUCK FROM GOLD OR SILVER!
Let private institutions deal the paper promises for Gold, the only thing I want my gov’t doing is striking coins. Not printing paper, even if it’s backed, as they can’t be trusted (look when Bretton-Woods closed, why?)!
October 7th, 2008 at 11:12 am
The dollar is the currency to stay away from. The ex-pats in venezuela are the only ones doing things right. With gold becoming scarce then everyone will jump to silver and then platinum and then whatever else is available. Why bother, become an ex-pat and go to Venezuela.
October 7th, 2008 at 11:15 am
Damn if only I had the cash to buy gold: http://www.youtube.com/watch?v=vPS7ksrKk8Y
October 7th, 2008 at 11:23 am
Spread the Word………..
http://endofamericamovie.com/
October 7th, 2008 at 11:25 am
Spread the word on this Movie. Youtube…Give me Liberty, Naomi Wolf
October 7th, 2008 at 11:27 am
Response to #14
You are correct the fed reserve in lower manhattan has many skids and pallets of gold, real 1lb bricks of the purest type. Each skid is assigned to different nations, there is no gold assigned to the usa though. In the last post the reason why Americans are going to Venezuela is because Chavez is on their side. There are no FEMA camps there, just good weather and the ex-pats do not even follow the events in the USA any longer. Whenever they get e-mail complaints from the USA they tell them to come to venezeula.
October 7th, 2008 at 11:31 am
JUDGMENT UPON THE WORLDS TRADING SYSTEMS…
Prophetic word received November 1999.
For I tell you, indeed, I declare to you the things that have yet to take place upon the Earth, before the time of the great tribulation.
For the Depression of 1929 shall be as nothing in comparison to the losses and devestation that will strike the stock markets of the world stage in the years ahead. For I tell you that as each man to himself has trusted in and has placed his trust in idols of gold and of silver,so shall the judgements start to rain down.
So it shall be in a twinkling of an eye that the stock markets and the trading systems of the great nations shall, even in a matter of forty-eight-hour period, collapse. That every man who for himself has laid up great treasure shall in this season be reduced to nothing.
For that which man has placed his trust in will fail him. The trading systems of this world, which men have been told are infallible,shall prove themselves tenuous at the least and shall be the ruins of many millions in the year to come. And the ruin shall come greater upon those who have placed much faith in the arm of man. For I prophesy that the stock markets of the Western and Eastern world shall fall. And as they fall, so devestation shall strike the world’s economy. And so those who have trusted in the wealthof man to save them shall finally see their idols for what they are.They shall say:”We are brought down to nothing,as in a day; that which we were told could not be has happened in a day.”
And so a great terror shall strike at the heart of those who have ruled the nations by control and manipulation–by trade and by extortion–as they see their idols collapse before them.And so the great shaking and judgments upon the Earth shall begin.
For I have warned My people, says the Lord. I have warned them in the days of Noah, I warned them in the days of Sodom. I warned them at Babel but still, says the Lord, the Sovereign and One True God, still my people rebelled against Me. And their hearts strayed for from Me.And as I searched the cities of My great beloved Earth, surely it was only a remnant that I saw. A remnant that looked out for My interests and yearned for My appearing.
And so in these enddays,My heart burns within Me and becomes vexed. For through the centuries they killed My prophets. And even now Myprophets are despised. And so this last generation ,they have made themselves idols out of their hands, and they have turned away from Me. They worship idols of wood and clay–their homes, automobiles–and they worship idols of gold and silver. They exchange worship of Me, the Living God, for that of stocks and shares of gold and bonds–for the worship of oil and armaments.
They have exchanged their souls for that which cannot save them. For so it is that astheir life expires,all they have amassed inthe high placesoftheEarth,alltheir idols shall stand silent.
For more Prophecies from Wendy Alec go to http://www.unknownprophet.com
This specific prophecy is from the book,”Journal of the unknown Prophet”.
During a ten day period in November in 1999. Wendy Alec recieved a visitaiton from the Lord Jesus Christ.
This is the extraordinary record of His discourse.
October 7th, 2008 at 11:36 am
Well, now it’s time to look around and find out who’s been bying gold in the latest years, instead of bying stocks and funds, as most of the countries in the world have done. In fact most countries have reduced the gold reserve to almost nothing, believing that the bogus money in stocks and funds were much more valuable and would continue to be
This crisis might very well lead to the introduction of the gold standard, since it clearly shows that non existing money is not thrustworty in the long run.
The country or power who posess the gold, then will dominate the world economy, like US dollars have done in the past.
October 7th, 2008 at 11:43 am
Lead may be more precious than Gold in the coming times…
October 7th, 2008 at 1:03 pm
Well there is this option of getting rid of money alltogether.
zeigeistmovie.com
October 7th, 2008 at 1:09 pm
Why is that, Herbert? Because all people that have been coned wants to blow the brains out on everyone that have coned them, or simply just because they wants to blow their own brains out. In 1929 they jumped out from tall buildings,etc… Assume where no tall buildings is to find, they just have to pull the trigger. Problem is, there is allready enough bullets made! No need for lead!
October 7th, 2008 at 1:20 pm
If these bastard banks were not selling paper promises of gold and silver in their vaults, the real values of gold and silver would show up on the market ticker. FACT: if you buy certificates of gold or silver ownership in a vault somewhere, they do not really have the gold or silver. They are selling FIAT silver and gold paper certificates! At least one major bank was already found guilty of this a couple of years ago and nothing indicates this is not widespread and still going on!
October 7th, 2008 at 1:48 pm
deathknight Says:
October 7th, 2008 at 10:11 am
Peter my friend you are ill informed. Just go look at a 50 year price history gold then come back here. I mean unless you don’t think losing half its value in one year is considered a crash? To give you a hint where to look, in 1980 gold was over $800 an oz. and in 1981 it dipped below $400 an oz. Please don’t believe everything you are spoon fed.
>>>>>>>>>>>>>>>
deathknight
that $800 an ounce gold was manipulated up in a very short time and had to crash back down..
not this time when the US $ fails…
October 7th, 2008 at 2:11 pm
new video
http://ca.youtube.com/watch?v=SWkNG0FqHqI
October 7th, 2008 at 2:31 pm
Paul
You are spot on. This is (has been because I bought four years ago) the trade of a generation! History has proven over and over that paper money can not survive.
Good Luck
Mark
October 7th, 2008 at 6:38 pm
Watch Zeitgeist Addendum free on google or youtube heres the trailer
http://video.google.com/videop.....&hl=en
October 7th, 2008 at 6:52 pm
Gold and silver is very hard to recover!…trust me to feed the trucks ,parts,labour etc….If just a little more people move there toilet paper to gold there will be none left. Ive herd it will the move to ten,or 20 thousand per troy ounce of .9999 pure.
Silver will move to $65 per ounce of %90 silver and %10 copper. The Pure silver will mover to 75 to 89 per ounce maybe 150 dollars per troy ounce of .9999 pure.
When Amero is introduced the gold and silver will buy alot of amero dollars. maybe 1 hunderd to 125 thousand ameros in exchange for 5 oz gold.
Wake up everybody!
If a stamp cost 2 cents in 1939 now its 49 cents look at the increase in inflation.
October 7th, 2008 at 8:36 pm
A person with food in hand will trump a person with a hungry stomach with gold in hand in a heartbeat.. period…….
Right now people are not starving..(yet)….
Time will tell
October 7th, 2008 at 8:52 pm
Golds price is related to economic growth. Gold isnt a magical metal its used in electronics hell every computer has more then 50 bucks worth of gold in it.
Guess what people when the economy goes down gold goes down with it. There may be a short term spike in the price of GOLD but it will come down at the same percentage the economy does within a small margin of variability
oh and so it fit in
JESUS JESUS JESUS JESUS JESUS 3:16 3:16 3:16 3:16!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Also who here has the ability to EAT GOLD OR HEAT THEIR HOME WITH GOLD?!?!?!?! Does gold make your garden grow better? If there ever is a total world economic collapse guess what GOLD IS FUCKING WORTHLESS
October 7th, 2008 at 8:57 pm
Venezuela? Venezuela? Venezuela? Venezuela? Venezuela? Venezuela? Venezuela? Venezuela? Venezuela? ARE YOU ON FUCKING CRACK? They have heavy sour oil and only the US can refine that shit in any real capability.
Hugo loves to talk a loud talk but guess what He cant and wont do shit to us. If he ever cut the US off from oil his country would go broke quickly. You cant just magically sell this crappy oil to another country it takes years to rebuild refineries to process that. LSC on the other hand can be sold quit quickly
October 7th, 2008 at 10:47 pm
Spencer Morgan #15 – SPOT ON!
October 7th, 2008 at 11:14 pm
Urgent notice: The coup on America has already happened
Make this video go viral…….
http://www.youtube.com/watch?v=_XgkeTanCGI
October 7th, 2008 at 11:32 pm
Urgent notice: The coup on America has already happened
this video gone viral…….
http://www.youtube.com/watch?v=_XgkeTanCGI
October 7th, 2008 at 11:46 pm
#35
There will be no Amero
October 8th, 2008 at 4:24 am
AMERICANS CAN STILL STOP THIS SHIT ,USE MASS STRIKES CRIPPLE THE COUNTRY FOR AND END TO THE PHONEY ELECTIONS, ITS ONLY THIS MASQUERADE THAT KEEPS THE WHOLE THING GOING, I GUESS THAT WAS THE WHOLE POINT OF IT. THE REPUBLIC IS ENDING, ALL HAIL THE NEW KING BUSH.IN THE OLD ROMAN REPUBLIC, CEASAR INCIDENTALY WAS ASSASINATED. A CIVIL WAR ENSUED, THE VICTORS WHO CLAIMED TO BE FOR THE REPUBLIC FOUGHT AMONG THEMSELVES AND FINALY THE EMPIRE WAS BORN AS THE VICTOR CEASORS NEPHEW BECAME THE NEW DICTATOR. SO BUSH MAY BE ASSASINATED YET ONLY TO HAVE A CIVIL WARAND THEN A REAL DICTATOR (WITH THE WILL OF THE PEOPLE) TAKE OVER. HISTORY HAS A HABIT OF REPEATING ITSELF. BUT THE AMERICA IS MORE LIKE BABYLON AND EUROPE THE NEW ROME SO WE SHALL SEE
October 8th, 2008 at 7:14 am
http://ca.youtube.com/watch?v=Bw32XCw_AvM
October 8th, 2008 at 11:14 am
I guess everything that has happened over the last 8 years is now the liberals fault. After being crapped on by speculators of the Enron variety-oh but Bush is just a puppet-he didn’t have anything to do with deregulation or sending our soldiers off to war after misleading everyone.
You have people like Webster Tarpley who are actually saying that those who are in oppostion to corporate greed are the fascist-that the rebels or people from the street are the fascist. He obviously is not at all a person who uses his brain before he spews such a stew of lies. Fascism is when corporation and governments become one-not when people protest against it,
There is a big difference between the two parties-the republicans believe in deregulation-democrats don’t . Republicans believe in ‘trickle down economics’-which might as well be called ‘hand-me down economics’-where workers have little say in their wages or workplace environment.
How Webster Tarpley can write a whole book and not even know what fascism is just shows what kind of idiots are out there. Saying Bush is a puppet over and over is also idiotic-wasn’t it he that sent our soldiers off to war and has kept them off to war longer than WW2? Wasn’t it Bush that rolled out the Patriot Act which is about as unpatriotic as a document could be? Bush is not a puppet, but he is a fascist! Bush is what a real fascist looks like-like an Enron executive on steroids!
If you want to keep thinking the two parties are the same because Alex Jones and or Webster Tarpley say so -go ahead, but I can asure you the two parties are not the same, nor do they look at the poor and middle class the same. Democrats believe in a fair shake for all-they don’t believe in ‘trickles downs’, ‘hand me downs’, or that one group is so much better than another that they make 500 times the salary of the average worker!
October 8th, 2008 at 11:34 am
“GOLD RUSH 2008″
“FOOD RIOTS”
“MARTIAL LAW”
“THE GREAT DEPRESSION”
“FIXED ELECTIONS”.and on and on and on…
They call Us ‘conspiracy theorist’s’…well the CONSPIRACY IS COMING TRUE!
GET READY MY FRIENDS..I CAN HEAR THE GOOSE-STEPS RIGHT NOW!
October 8th, 2008 at 3:23 pm
Where did all the gold in Ft. Knox go? Did they take that too?
October 12th, 2008 at 10:05 pm
stupid americans. a ha ha ha. we asian hoards gonna wipe your
ass and colonize the americas. a ha ha ha. go have another abortion.
a ha ha ha.
December 3rd, 2008 at 2:21 am
Aaron Lee Smith, MD of Superfund Singapore predicts gold to easily double next year. Jim Rogers, Robin Griffiths and Jurg Kiener hold the same view as global central banks’ insistence on printing their way out of economic turmoil is setting the stage for a hyperinflationary holocaust, a knock-on effect of which will be gold’s acceleration towards $2,000, as demand for precious metals outstrips supply.