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Jean Marie Eveillard continues:


“The Swiss, at least for the time being, seem to have prevented the Swiss franc from going higher.  So the dollar is also benefitting from weakness in the Swiss franc.  But one could argue that if the Swiss franc was a safe haven and it is no longer a safe haven, this should benefit gold.


Apparently the G7 central bankers were meeting in Switzerland over the weekend.  Steps might be taken by the authorities, although I don’t know what they could do that would be negative for gold. 


The developed world, all of them, seem to be intent on printing money.  Governments and monetary authorities have very little to show for their extraordinary stimulus they put in place in late 2008.  It’s not just in the US, but also in Europe and in Japan that the economies appear to be stalling a little bit.  


In this environment, gold is far from being over-owned.  Rachel Benepe, who runs our gold fund here at First Eagle, she was telling me the other day that if you take global pension funds, not just in the US but in the rest of the world as well, they only have .4% of their assets that are invested in gold.  So gold is far from being over-owned....


Continue reading the Jean Marie Eveillard interview below...




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“Gold today should be seen as a currency, none of the major currencies being appealing.  The are an enormous amount of debt claims throughout the world, which by comparison with gold at $1,800, the entire amount of gold above ground equals ten trillion dollars, including incidentally half of that being in the form of jewelry.  


By comparison with the ten trillion dollars of gold in the world, the financial claims are much, much higher, so it is still a case of too much paper, most of it dubious and I believe too little stuff, stuff being gold. 


Gold will continue to rise as long as monetary authorities continue to do what they have been doing, which is an automatic reflex in a pure paper system, which is to print more money.” 


When asked about the mining shares Eveillard replied, “I think they have lagged long enough and we are reaching the point where if the price of gold stays at $1,800 an ounce or even goes higher, then the mines will begin to coin money and dividends will be increased. 


So I think there is an opportunity there.  The potential for gold, I don’t want to mention numbers, but the potential is considerable.  The whole story could end with some kind of mania in gold mining stocks.” 


© 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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