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Gerald Celente continues:

“Back then it was only the United States that was trading in gold and it was relatively new.  Let’s remember it’s ‘78 I’m talking about and Nixon had taken the US off the final peg of the gold standard in 1971, so the whole game was relatively new.  I remember how difficult it was even to learn how to play the COMEX markets or to buy gold, not many people knew how to do it back then. 


What do we know about China (at that time)?  China was this third world place with Mao Tse Tung and those Red Chinese, they weren’t one of the major players in the world market place like they are today.  They weren’t buying gold, they didn’t have enough money to buy rice.


Back in 1978 you had the Soviet Union, the Cold War, everything was locked behind the Iron Curtain, all of eastern Europe.  Russians weren’t buying gold, Poles weren’t buying gold, they weren’t buying gold in the Ukraine or Latvia, Lithuania or Hungary.  And back then, India, what did you know about India?  You didn’t know anything about India, it was this poor place.  Yeah India was buying gold back then, but not like they are buying it now.  That’s the big difference, gold has gone global.  Back in the late ‘70s and 1980 it was a US game....


Continue reading the Gerald Celente interview below...  




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“One of those summers (back in the ‘70s), I remember when I was new in the game, a young guy, but I remember gold started going up dramatically.  And I also remember a summer of discontent under Jimmy Carter, when he was firing half of his cabinet.  It’s very, very similar to what’s going on now in the summer of 2011, how things mirror in a very strange way what was going on back then.” 


When asked what he was doing with his own money Celente replied, “What did (Nouriel) Roubini say?  Gold would be lucky to go to $1,100 an ounce.  Where is it now?  Flirting between the high $1,780s and $1,900s.  There are a number of people like myself and others that believe it’s going much higher.  You know I used to be in Swiss Francs (along with gold), I am not in Swiss Francs anymore.  I got in (Swiss Francs) about a year and a half ago and did very well, but I’ve transferred everything I own into gold, I’m now totally invested in gold.”


A decade ago Celente was advising people to buy gold at $280.  This is a very interesting interview with Celente because it largely focuses on his thoughts on the gold market and where gold is headed.  The King World News audio interview with Gerald Celente is available now 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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