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Davies continues:


“People are really beginning to realize that it (gold) is the currency of first resort.  As a prudent risk manager I’m always looking for the sucker punch, but I just don’t see it here.  I think that Ben Bernanke has come out again and tacitly said that QE3 or some change of policy along those lines is definitely in the cards.  I think deep down we’ve all known that would be the case.


The events in Europe have just been unfolding like a nightmare and policy-makers have realized that you cannot have a banking system or a financial system that is predicated on lending based off of a risk provision of zero for sovereign debt.  Clearly that sovereign debt, as we are finding out with the periphery debt, isn’t worth the paper it’s written on. 


This has completely undermined fractional reserve banking that’s been with us for nearly a hundred years, it’s been found completely wanting.  No wonder politicians are going to the edge before making serious policy decisions on resolutions.


I think we are going to see in Europe as I’ve maintained from the start, there will be a default.  We already have a default in process, what remains to be seen is, is it going to be disorderly?  This is all highly conducive for gold.”


When asked if he was signaling that the gold market was ready for an explosion Davies said, “I think there’s a really high chance, this is the year that you do not want to fight the gold market.  This is a trend that you just have to bite the bullet and be invested and go with it, I feel very strongly about that.


Various liquidity is going to be coming from all corners of the world.  At no time has gold pulled back throughout any of this credit tightening process, the market is going higher.  We are in my opinion going to see a $2,000 handle this year.”


In this interview Ben discusses a coming gold explosion and where silver is headed along with the mining shares. The KWN audio interview with Ben Davies will be available shortly and you can listen to it by CLICKING HERE. 


© 2011 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


Eric King

KingWorldNews.com

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