CHINA’S 10,000 TONS OF GOLD WILL DESTROY THE DOLLAR — SRS Rocco
Steve St. Angelo of SRSroccoreport.com joins me to cover the very latest in the gold and silver markets. As we note, Bloomberg’s mockingbird journalist Nicholas Larkin recently wrote that if China could obtain 10,000 TONS of gold, it would justify a re-pricing of gold to $64,000 ounce. However, Larkin argues that China has well under 2,000 tons by referencing the nation’s last official report from 2009. Steve and I discuss how it’s far more likely that China already has 10,000 Tons of gold NOW! So… what happens to the gold price once China officially updates its six year old “official” number… huh Bloomberg?!
We also talk about the curious case of record physical silver imports by the US government and the big move just ahead for silver. Will it finally be UP? Or is it going down further at the hands of the commercial banks and their burgeoning new short positions?
As for the macro-economic outlook, Steve offers a reality check, about the current state of the global paper Ponzi scheme, “The inflation we should really be seeing is astronomical, but people think get a statement and it says you’ve got a half a million in your retirement. Well that’s where the inflation went. It’s all in these paper assets, and they’re going to implode. And then we’re really going to see what inflation is,” Steve says. He concludes, “So I think it’s going to destroy the net present value of most paper assets, and we are going to see a huge recalculation of what it actually costs to buy something.”