Griffiths:  “We know that the problems in the United States haven’t been solved -- they’ve just been postponed a bit.  The harsh reality is that the quantitative easing in the US can’t be taken away any time soon, and the enormous and growing debt mountain is going to be there for years to come.  This will end badly....

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“But the bizarre thing is that because bonds have been mispriced by QE, the money still has to go somewhere, and it tends to go into equities, whether they are cheap or not.  When I look at the charts, the Dow Jones now has a broadening top pattern, with three highs on it.  We may get a false breakout at the top, but then it will come tumbling back down again.  Then the real decline will begin.”

Eric King:  “The action that we’ve seen today in gold is phenomenal.  What are your thoughts on gold?”

Griffiths:  “There have been some very big swings in gold, but what I call the secular trend to the upside in gold is still very much alive.  Gold has endured a brutal 2-year corrective process after getting ahead of itself in 2011.  KWN readers must understand that secular bull trends have cyclical bear markets in the middle of them, but they are actually countertrend pullbacks. 

I’m personally long of gold.  Gold is unlikely to do more than a retest of the earlier low from this year, and we may have completed that process already.  On the next pulse higher it will make new all-time highs, as the gold market will see a massive surge up to the $2,400 level.  The reality is you can’t have governments printing fiat monies like wallpaper without gold going significantly higher.

What we have seen with regards to the smash in the price of gold has nothing to do with the physical gold market.  It has all been orchestrated with transactions in paper gold which far exceed, in any given year, all of the gold that’s ever been mined in history.

The Western gold has actually gone off to India and China where they are in love with it.  And as you know, I think the world is now moving to a place which will be much more dominated by an Asian agenda.  But the reality is they prefer gold to paper money, and that’s what’s underwriting the long-term trend.

People have to remember that no fiat currency has ever lasted much more than 200 years at the top of the pile before it eventually trickles down and goes to zero.  And since the Fed was formed over 100 years ago, an astounding 96% of the purchasing power of the dollar has already been destroyed.”

Griffiths added: “In the end, the ingredients for a very nasty downward correction in equities is already present in the markets.  We’ve seen global stock markets go higher for 5 years, and they are now living on borrowed time.  So I would hold a lot of liquidity and be risk averse.

Chaos will also begin to unfold in Europe once again.  People have said all along that ‘this European experiment can’t possibly work.’  It’s just a question of how much money they want to waste before they admit it can’t work.  One thing is certain, there is no question this will end is disaster.”

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The audio interviews with Rob Arnott, Andrew Maguire, Art Cashin, Egon von Greyerz, Bill Fleckenstein, David Stockman, Robin Griffiths, Jim Grant, Gerald Celente, William Kaye, Dr. Paul Craig Roberts and Eric Sprott are available now. Also, other recent KWN interviews include Marc Faber and Felix Zulauf to listen CLICKING HERE.

Eric King

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