$60,000 Gold May Be Laughably Low-Bill Holter

by Greg Hunter, USA Watchdog Recent Bloomberg analysis says if China backed its currency with gold, the price would need to be 50 times higher than it is today. According to Bloomberg, that would be a gold price of around $64,000 per ounce, which is much more than gold expert Jim Sinclair predicted a few years ago. Financial writer Bill Holter weighs in, “That was a few years ago, before some of the QE, and Jim has said that $50,000 gold may turn out to be laughably low. . . . I think it is very curious that Bloomberg would run this because Bloomberg is as mainstream Wall Street as you are going to get. . . . It would be my guess that Bloomberg has some type of information that China is going to announce their holdings. I can show you that China has 10,000 tons of gold. That’s pretty easy to do. I use the figure of 10,000 tons, and oddly enough, that is the figure that Bloomberg used.” So, what does the mean to the U.S.? Holter says, “After they make an announcement that they have all this gold, people are going to say, wait a minute, where did they get all that gold? . . . It’s come from Western vaults, the biggest Western vault is the U.S. So, the market place will make a judgment between the yuan and the dollar. . . . This is definitely a scheduled event in the fall, and the speculation has been that the Chinese may announce prior to that in order to give the IMF time to evaluate the data. From my point of view, the Chinese may make that announcement to give it a push. The dollar versus the yuan is going to depreciate greatly. You could see a 20% to 30% move in the dollar versus the dollar. The yuan is going to strengthen.” Continue Reading>>>

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