Andrew Hoffman – Greece Will Default-Calamity Follows

by Greg Hunter, USA Watchdog Financial writer Andrew Hoffman says the debt problem in Greece will not have a happy ending. Hoffman contends, “More than half of Greek debt, everyone talks about the 400 billion euros they owe, more than half of this debt is from the bailouts in the last four years. . . . Two years ago, I wrote that Greece was my top pick to catalyze the big one, and here we are in that same position. . . . If there is an agreement, it is only going to be bad for everybody. It’s going to bad for Europe and bad for Greece. Of course, if there is no agreement, then there is your end game right there. They are not just going to leave the euro; they are going to default on their debt. That is the only way Greece can be saved. It is the only way Greece can be saved, and it is the same just about everywhere else. . . . I can’t see any deal they could make.” On physical gold and silver, Hoffman points out, “We are seeing record demand around the world. 2013 was a record year. 2014 was a record year, and starting 2015, gold imports in China have been 50% above last year’s levels to start this year. There is going to be a supply response . . . just look at the earnings of the gold mining companies; they are decimated. . . . I predicted Armageddon. I think they are all going to merge, and they are going to cut whatever is left of their businesses to the bone. There is going to be no supply out there, particularly in silver, and it is all happening at a time when demand is surging. That’s why it makes the ability of this cartel, the same people that are printing the money, to keep gold and silver prices in check all that more tenuous.” Hoffman goes on to point out, “You have the polar opposite in the oil business as you have in the mining business right now. You have a relentless amount of supply that is on stream and coming on stream for oil. . . . So, no matter what the price, you are going to see more and more supply come on. In gold and silver mining, you have record demand right now, and yet you are going to see supply fall at infinitum. There have been no discoveries for the past decade. There has been no capital spending for the past decade. So, I think you are going to see plunging oil demand and surging supply. Gold and silver will be surging demand and plunging supply. When it comes to silver, there are almost no inventories to start with. So, you are sitting in very desperate situations on both ends that I think it’s pretty clear economic Mother Nature is going to resolve. . . . We are talking about an extremely tight supply/demand balance in gold and silver right now. . . . It’s hard to believe that with all the things going on in the world such as geo political tensions, the threat of the euro falling apart and the collapsing U.S. economy, it’s hard to believe we will be sitting here 10 months from now, and they still will have been able to keep prices down.” Continue Reading>>>

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