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Lassonde:  “Europe was a bit of an eye-opener for me this summer because everywhere I went, Spain, Poland, England, and France, I asked the shop owners and the taxi drivers, ‘How is business?’  This was just to get a feel for what is going on....

Continue reading the Pierre Lassonde interview below...


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“In France, for example, everybody that I talked to told me that this year their business was down between 7% and 40% vs last year.  What they said was that business has been down every year now for the past 4 years.  But this year was down even more so than the previous 3 years.

So, Spain, which is a wonderful country, every other store is shut.  And when you talk to people, they are leaving the country.  They are going to Africa, to New Zealand, Australia, or whatever, because there are no jobs.  It’s the same (way) in Portugal.

At the end of the summer the French government announced that they were going to fix the pension system.  Well, they didn’t touch the government employees’ pension system, which is half of the problem, because that’s too dangerous.  It would explode into the streets.  So they didn’t touch that or fix it, but it’s broke.

The other half (of the pensions), they only fixed it about 25% because that too will be broke by about 2020.  When you look at the resistance that these countries and their politicians are putting up to change, it’s absolutely unbelievable.

At the end of the day, how they resolved those issues in the 20th century, France devalued its currency six times.  Well, now they cannot devalue because the Germans are the ones controlling the money.  So, what are they going to do?  What are the Italians going to do?  You cannot bailout France, you cannot bailout Italy, they are too big.

At some point in the next 2 years you are going to have major, major issues.  Their bond markets are going to backup big time, and they are going to say to these countries, ‘Enough is enough.  We’re not lending (you money) any more.’  And then what are they going to do?  If the Germans decide not to devalue, are they just going to go bankrupt?

So, the more I see what’s going on in Europe, the more I like gold.  That’s the bottom line.  At the end of the day, when you look at the money printing (which is) being done around the world -- about 15%+ per year vs the growth in the (physical) gold asset which is about 1.5% per year -- you have to think that over a period of 5 to 10 years it is going to catch up with the gold price big time.  That’s why I like gold.”

IMPORTANT - This was a very powerful interview with legendary Pierre Lassonde.  He spoke about exactly where he sees the gold market at this point and where gold is headed from here.  Lassonde also discussed the carnage in the mining sector, as well as what investors should be doing with their own money.  The outstanding audio interview with Pierre Lassonde is available now and you can listen 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.

The audio interviews with Pierre Lassonde, Dr. Paul Craig Roberts, Art Cashin, James Turk, Eric Sprott, Egon von Greyerz, James Dines, William Kaye, Grant Williams, Hugo Salinas Price and Marc Faber are available now. Also, other outstanding recent KWN interviews include Jim Grant and Felix Zulauf to listen CLICKING HERE.

Eric King

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