Currency wars will see precious metals continue to soar
Tuesday, Oct 5th, 2010
Billionaire financier Jim Rogers tells CNBC that the Federal Reserve’s continuing decimation of the economy means that it’s a dead cert that gold will continue to surge, irrespective of any possible temporary recovery.
“If the world economy gets better I’m going to make money in commodities,” Rogers said. “If the world’s economy doesn’t get better I’m going to make money in commodities, because (the Fed is) going to print money.” Rogers added.
The Commodities King is confident that gold will gain even more in the immediate future owing to the fact that in an economic crisis under the Fed “everything is worse instead of better.”
“Gold is going to go a lot higher over the next decade. It may slow down for a while because it’s run up so dramatically here in the last few weeks. But gold’s going to be much higher,” Rogers noted.
“Adjusted for inflation it should be well over $2,000 now. When I say something like it’s going to 2,000 in 10 years it’s not a very dramatic statement given the state of the world. I’m sure it’s a given.” the legendary investor added.
Rogers also noted that right now silver may be an even better investment than gold:
“Look at the things that are cheap. Gold is making all-time highs, silver is still 60 percent below it’s all-time highs,” he said. “So if I was looking at a precious metal, I would look at the places that are still cheap.”
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Rogers’ analysis echoes that of analysts across the board, and is in many respects very conservative.
The yellow metal surged to another new record high today, rising as high as $1,333.80 per ounce, following the Japanese central bank’s announcement that it is to cut its official lending rate for the first time in nearly two years to zero percent.
- A d v e r t i s e m e n t
Japan will also print a further 5 trillion yen, or 60 billion US dollars, via quantitative easing in a blatant effort to devalue the currency, prompting fears that the Fed and the Bank of England will follow suit in an all out “currency war”.
All of this is providing a pretext for the introduction of a new global currency, the cornerstone of a new centralized globalist order. This is not the stuff of paranoid conspiracy theory, it is written into the IMF’s own strategy documents.
Reports have also suggested that the Fed, via its subsidiaries such as JP Morgan, are shorting “paper gold” while at the same time buying up exclusive rights to producers’ future physical gold production in an effort to keep a precious metals ponzi-scheme alive.
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Steve Watson is the London based writer and editor at Alex Jones’ Infowars.net, and regular contributor to Prisonplanet.com. He has a Masters Degree in International Relations from the School of Politics at The University of Nottingham in England.
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