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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (57886)11/14/2009 11:12:32 PM
From: bull_dozer  Read Replies (1) | Respond to of 217591
 
Gold's momentum is picking up dramatically - Eric Sprott

ES: As an investor I am pretty sure what areas of the market will do well, but I truly cannot tell you how things will function when the current fiat currency system fails. To be brutally honest, I have no idea. It is hard to imagine what happens when people turn their backs on currencies, but I would suggest that we are already seeing it happen as we speak. You can feel in the market; people do not want to own currencies today. Particularly U.S. currency.

I am not saying that this is anything imminent, but people are questioning many global currencies now, not just the U.S. dollar. I would question the U.K. pound today; I would question the Japanese yen today. Many governments have completely overdone it.

When the Indian government purchased 200 tons of IMF gold, the finance minister said that Europe and the U.S. had "collapsed." Those were his words. They wanted to get those dollars out of their treasury; they would obviously much rather own something physical.

TGR: Do you see the potential of any currency becoming the new reserve currency?

ES: The only one would be the Chinese yuan. However, I think collectively the world would probably say, "Having one reserve currency was a mistake the last time. We should probably use a basket to determine values."


Message 26099247



To: TobagoJack who wrote (57886)11/14/2009 11:32:10 PM
From: carranza2  Respond to of 217591
 
Without a steady market and foreign reserves (and debts) that are steadily becoming devalued, it will be interesting to see how China navigates the present conundrum.

The obvious thing is its enormous stimulus package. The only difference I see, but it well may be significant, is that China seems to be spending it on infrastructure, a rational use of moolah, rather than on idiotic schemes like TARP and cash for clunkers.


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