Today Nomi Prins, who has given keynote speeches to the World Bank, IMF, Federal Reserve, and many other prominent institutions, told King World News that investors should buckle up because the price of gold is going to continue to soar.
August 3 (King World News) – Eric King: “Nomi, we saw a 25.5x increase in the price of gold in the 1970s, 38x for silver. But I think the situation is far worse today, this Frankenstein version of the 1970s we’re going through today. Much worse. Do you think gold has the ability to not only replicate what we saw in the 1970s but something even more dramatic on the upside?”
Nomi Prins: “I do because what we didn’t have in the 1970s was a whole pile of central banks around the world with growing economies that collectively have a larger economic footprint than the G7 — than US allies effectively. That wasn’t the case back in the 1970s in terms of them wanting a footprint on the world stage as central banks, as having reserve currencies that back much larger interdependent trading patterns. What we had in the 1970s was inflation, and we did have a run to gold because of the wealth preservation elements of it.
But we also didn’t have the necessity of turning to gold, especially because at the time we were going off of the Gold Standard. You had a situation where gold was being taken out of the running of a currency related to metal. It always has been but it was officially de-standardized. Now that doesn’t matter. We’ve gone through that. Now central banks around the world are purchasing gold in order to diversify their reserves. That is not going to stop. Those…to continue listening to Nomi Prins discuss where the price of gold is headed, the wild trading that is unfolding in global markets as well as what to expect next CLICK HERE OR ON THE IMAGE BELOW.
To listen to Alasdair Macleod discuss the wild week of trading in global markets, gold, silver and much more CLICK HERE OR ON THE IMAGE BELOW.
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