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Eric King:  “John, you’ve had a career spanning over four decades in this business.  When you look back on the two periods between 2001 to 2003 and 2008 to 2009, focusing on gold and the shares are they as undervalued as you have ever seen them?”


Hathway:  “The gold stocks are very statistically cheap, particularly if you think gold prices are headed higher.  In fact they are ridiculously cheap.  I’ve never seen it like this since I started the gold fund in 1998.


It reminds me a lot of what happened in 2008 when I had people writing me and telling me the game was over.  We now have people coming out of the woodwork telling investors to get out of the gold space....


Continue reading the John Hathaway interview below...




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“So in that sense it really does remind me of 2008.


I guess what’s different is that in 2008 the world was obviously falling apart.  Today it’s not as obvious that the world is falling apart, it’s just that for those of us paying attention the ice keeps getting thinner and thinner, and at some point the ice will simply break.”


Eric King:  “John, what are you doing about this situation right now?”


Hathaway:  “Even though the paper market crushed the gold price, the physical market came alive.  If you look at the numbers for the US Mint, the reports out of the Far-East, and many of the contacts we have, people are lining up to buy gold.  So it’s kind of the opposite of a bubble.


What came out of this to me is that people around the world don’t trust the banking system.  They want some of their wealth in a secure asset and they want it outside of the banking system.  So what we are doing is preparing to launch a fund which will will allow accredited investors to store their gold with us and actually source well known vaulting services like VIA MAT, a Singapore facility, or Brinks.  So that’s what we are doing about it.


Investors have to realize that the rationale for owning gold has never been stronger because not only do we have money printing by all of the global central banks, but at the same time the zero interest rate environment is stymying economic growth.  So these debts that have been piling up and accumulated by governments, in order to paper over the weakness of the private sector, are not going to go away.  Instead they will just get bigger and bigger. 


Austerity has now become a bad word, and now we’ve learned that your uninsured deposits anywhere in Europe or the US are at risk.  In a banking crisis you could become a creditor of the bank and take a real haircut on your deposit just as we just saw in Cyprus.


If people think it can’t happen here, I’ve got news for you, look at the derivative books of the seven or eight large US banks.  They are completely opaque, incomprehensible, and they are going to be a big source of trouble at some point in the future.  So I think having money in a monetary asset where there is no counterparty risk is probably the best idea since sliced bread.”


IMPORTANT - Part I of Hathaway’s tremendous written interview was released earlier on KWN.


© 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.


To learn more about John Hathaway and his management services CLICK HERE.


The audio interviews with Jean-Marie Eveillard, Dr. Stephen Leeb, Bill Fleckenstein, Eric Sprott, Egon von Greyerz, Gerald Celente, Andrew Maguire, Nigel Farage and Art Cashin are available now.  Also, be sure to hear the other recent KWN interviews which include John Mauldin, Marc Faber and Felix Zulauf 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

KingWorldNews.com

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