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The spot price of gold reached an all-time high of $1,594.00 per ounce on 14th of July [ over 16 as of today] as more countries and individuals turn to gold as an anchor of stability. This as the two major world currencies and the twin pillars of the international monetary system are under threat of collapse.
In Europe the debt crisis has spread to countries that are the third- and fourth-largest economies in the Eurozone, Italy and Spain -- countries potentially too big to save.
It is apparent that the majority of those in power in the United States refuse to recognize the dire circumstances the United States finds itself in and are captive to the false assumption that the worst case scenario could never happen here. If America continues on its present path, the citizens of this country will, to their detriment, find out that it can and will.
In response to the debasement of the US dollar and the potential collapse of the euro, many of the emerging nations of Asia are also operating under a loose monetary scenario. Most now have negative real interest rates, such as China where inflation is running at 6.5% per year yet the one-year deposit rate is just 3.5%. The same is true in India and many other countries including the United States. Thus more citizens, if they can, are turning to gold or tangible property.
Mr. Evans-Pritchard also quoted the chairman of Britain's largest pure gold listing, Petropavlovsk, as saying:
It is very scary: the flight to gold is accelerating at a faster and faster speed. One of the big US banks texted me today to say if QE3 actually happens, we could see gold at US$5,000 [per ounce] and silver at US$1,000.00. I feel terribly sorry for anyone on fixed incomes tied to a fiat currency because they are not going to be able to buy things with that paper money.
Originally posted by camaro68ss
Very scary times we live in. Not only silver and gold you should be stocking up on but food as well. I think this is going to be a global event the likes no one has seen before. It will be the 2nd coming of the dark ages.