Just In – Michael Pento: Here’s My Biggest Fear & This Is What’s
Just In – Michael Pento: Here’s My Biggest Fear & This Is What’s Hammering Down The Price Of Gold Today
In explaining today’s take-down in the metals, Michael said, “Listen to all the talk you hear about austerity in Washington. What happens to the price of gold when you hear this? It goes down…You hear talk about austerity, and you hear talk now because of the jobless claims, that the fed might stop [monetizing], and gold gets crushed…The idea that Bernanke is going to start increasing interest rates, and start to shrink his balance sheet is ludicrous, and I believe that this is just another false worry for the gold market.”
Michael Pento, President and founder of Pento Portfolio Strategies was kind enough to take my call on a day when gold, silver, and mining shares are completely falling apart.
“When in the history of investing, ” Michael continued, “have you ever had the entire developed world’s central bankers, increasing in unison, inflation targets? These balance sheets are growing tremendously fast, their economies are not healing, real interest rates are profoundly negative…Everyday that goes by it’s further cemented in my mind how you must reject these fiat currencies, and seek another form of money that the government cannot corrupt. And that’s precious metals.”
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