There was carnage in the crypto currency markets this week as the plunge in global stock markets continued, plus a look at what’s next for gold and silver.
May 14 (King World News) – Eric King: “Alasdair, it’s been another wild week. We’ve seen the crypto markets going crazy. We’ve also seen some action in gold and silver that baffles people as we’ve seen the metals go into backwardation. Kind of throwing up their hands.”
Alasdair Macleod: “My goodness, Eric, let’s start with precious metals. They have been bashed. We have spoken about this. We live in a world of Keynesians who have forgotten that the only legal form of money actually is gold — the rest is just currency and credit. So (again) the only money is gold. People need to let that sink in. Forget the idea that it’s being banished and it’s a pet rock. That is just a myth spread by the US government, the US Treasury and the Fed to promote the dollar as the world’s money. But it’s not. It is another currency with counterparty risk, the counterparty being a state agency in the form of the Fed. This is a very important point because if you understand gold as money you are not worried about what is going on with the price at the moment. The investing establishment doesn’t understand gold and they think that when things start going wrong, safety is in the dollar. What the bullion banks then do is…to continue listening to Alasdair Macleod discuss the carnage in the cryptocurrency markets as well as what to expect next in the gold and silver markets CLICK HERE OR ON THE IMAGE BELOW.
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