Sprott Inc. President Bambrough:  “I started investing in gold about 12 years ago.  After September 11th, (2001 tragedy) the Fed printed $180 billion.  I realized the Federal Reserve’s mandate to print with abandon.  Any problem that would occur would result in greater and greater amounts of money printing.

When I looked at the situation, back then (12 years ago), I imagined the environment for a bull market was way better than it was when Nixon broke the gold standard in the 70s.  At that time it (gold) went from $35 to $850.  So it was about a 25-fold increase....

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“Central banks at the start of this bull market had very little gold compared to what they had at the start of the 70s.  Also, their ability to raise interest rates, you know in the 70s they fought inflation by taking interest rates up very high.  High double digits.

And I thought, with the debt levels of the governments around the world, there is absolutely no way that they can afford interest rate increases.  Interest rate increases would essentially bankrupt the governments.

You can see that Japan has started to indicate they are going to be purchasing more gold.  A number of countries (such as) China and Korea have been increasing their gold imports.  So (as I said previously) the environment to me seemed way better (this cycle vs the 70s).  And starting at $250 gold, you multiply that by 25 (fold) and you are going to get a number just over $6,000.  So I set out knowing the inflation-adjusted high would definitely be challenged.

I remember people saying, ‘We’re radicals.  That’s insane.  That’s crazy.’  We keep a lot of our article clippings here at Sprott, and there is an article with John Embry, written by the National Post, and the article was on the front page of the Post titled, ‘Lunatic Fringe Predicts $1,000 Gold.’  That was us being conservative, and there is a picture of John Embry there.”

Bambrough also added:  “I have tended to keep my $6,000 target (for gold) very quiet.  But now I think my $6,000 target is going to prove to be very conservative.  I just think the amount of printing that is going on, the magnitude and the speed at which they are willing to print and that they have printed, it’s mind boggling.

I remember in 2006, I was reading a bunch of economic reports and I was predicting that when the economy softened, probably around 2013, the US would be running a $1 trillion deficit.  Everyone thought I was crazy suggesting the US could run a $1 trillion deficit by 2013.  I guess the first year the US ran it was 2009.

It seems like it’s perpetual now.  There is no stopping it.  I think it’s comical.  Who really believes the forecasts of anyone at the government or at the Fed?  They’ve just been so wrong with their predictions.  Remember they turned the debt clock off?  It was around 10 years ago when they were shutting the debt clock off, and there was a big announcement saying they were going to be paying down the debt. 

It was going to go away and there was no need to even have a debt clock any more.  I don’t know why anyone would believe anything that comes out of these organizations when their predictions have been so terribly wrong.”

This is the second and final written interview with Sprott Inc. President Kevin Bambrough that has been released which reveals what is actually taking place behind the scenes with foreign governments and sovereign wealth funds, and how this will impact the financial world and the gold market.  The written portion above is just a small part of this extraordinary interview with Bambrough.  The KWN Kevin Bambrough audio interview is available now and you can listen to it by CLICKING HERE.

The interviews with Kevin Bambrough, Nigel Farage, Eric Sprott, Art Cashin, Stephen Leeb, John Embry and John Mauldin are available now.  Also, be sure to listen to the other recent KWN interviews which included Michael Pento, Egon von Greyerz, Gerald Celente, Andrew Maguire, James Turk and Rick Rule by CLICKING HERE.

© 2013 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

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