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Kiener: Gold Prices To Double On Paper Market Default
Demand of physical gold outstripping supply as global interest rate cuts lead flight from paper currencies
Paul Joseph Watson
Prison Planet
Tuesday, October 7, 2008
Jurg Kiener, CEO of Swiss Asia Capital, told CNBC this morning that the flight from paper currencies as a result of global interest rate cuts will lead to a doubling in the price of gold within a short period, as demand for physical precious metals outstrips supply, causing paper contracts on gold to default.
“The physical market has been on fire – it’s getting very hard to buy one ounce coins and smaller bars, most jewelry shops have been running out so we have a supply problem,” said Kiener.
Kiener said that there was a two tier market in gold, the one on Wall Street where the bankers continue to gamble, and the physical market which is “red hot” and demand is outstripping supply.
“I think we’re going to get very close where we see the environment where the paper contracts on precious metal defaulting, and with that we’re going to get a massive price increase in the overall prices of precious metal,” said Kiener.
(ARTICLE CONTINUES BELOW)
Asked where he expected gold to go after the paper market broke down, Kiener said he expected gold to double in price, “in a very short period of time, it will spike up quite fast,” he added.
“If you had an oil rally going from $65 to $140 dollars in nine months, I think it can double in gold in a much shorter period because the market is much much smaller,” Kiener stated.
Kiener pointed out that the expected global reduction in interest rates, kick-started last night by the Australian central bank’s one point cut, means gold is a far more attractive option than any currency because purchasing power of paper money will continue to decline.
As we highlighted yesterday, the demand for physical gold is frantic and people are willing to pay premiums of $50 or more to get their hands on the precious metal.
The potential for hyperinflation is a very real threat, and it has led to a spike in gold purchases. The Royal Canadian Mint recently sold out of one ounce gold bullion bars in what tellers described as a “crazy” demand to own the precious metal.
The U.S. Mint also ran out of one-ounce American Eagle coins in August and one-ounce American Buffalo coins at the end of September.
Michael Levy, a gold broker based in Surrey, B.C., said the volume of people purchasing gold is at its highest since the inflation scare of 1979. “People were buying then because of inflation, now because of a growing distrust in paper currency,” he said. “It’s a different mentality but the same rush.”
Yesterday, 40-year market veteran and fund manager Robin Griffiths of Cazenove Capital Management told CNBC that the overprinting of dollars as a result of the Wall Street bailout will act as a catalyst for gold prices to rocket to $2,000 an ounce, as demand for precious metals outstrips supply amidst rumors of market manipulation.
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39 Responses to “Kiener: Gold Prices To Double On Paper Market Default”
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October 7th, 2008 at 5:17 am
balls
October 7th, 2008 at 5:35 am
“God, Guts, Guns Gold[& silver] and don’t forget food, water, gas ect..”
One Mind and One Cause..the time is at hand my friends.
Great article Mr. Watson!
October 7th, 2008 at 6:34 am
I definately can see this increase price for gold coming like a freight train. wish I had about a couple hundred of those shiny pieces !!!!!!!!!!!!!!!
http://www.youtube.com/watch?v=-V9nKNjrj2g
October 7th, 2008 at 7:38 am
There will be a time period where gold and silver will be the only way to go, however, even that time period will come to an end. There really is only one way out of this mess and the further down the road we get the clearer that way is. With everything else falling by the wayside the light at the end of the tunnel is becoming clearer and clearer and I can see from where are salvation comes. I’m seeing Him much clearer now and He is the Way, the Truth, and the Light. His name is Jesus Christ, the King of Kings and the Lord of Lords. He’s allowing all the filth and debris of this world to be cast aside so that we can see Him more clearly and come to Him in repententance for our sins. There will be wailing and gnashing of teeth coming. God says He will wipe away all our tears. God also says that a thousand will fall at our right side and ten thousand at our left but that we should stand. His Holy Word gives us the key to survival and its a word, “E N D U R E’.
October 7th, 2008 at 8:12 am
You can’t eat gold.
Buy stockpiles of food, and something to clean up rainwater to make it safe to drink. I’m afraid it will get THAT bad. Think of buying things that will be able to supply your needs if everything else breaks down…
Don’t give up your homes. Don’t submit to bullying and threats by gov/banks. They are all attempts to steal what America has earned for herself.
The idea that America is in debt to the banks because we have built prosperity in this nation is absurd. The banks don’t lay 1 brick, teach 1 schoolchild, care for 1 sick person, supply a single meal for anybody… they are just parasites on the productive. Let them have no more…
October 7th, 2008 at 8:25 am
“A move to secede on California-Oregon border”
http://www.sfgate.com/cgi-bin/.....138DLP.DTL
October 7th, 2008 at 8:46 am
J. smarts got that right. I agree 100% kind sir. Let the evil men do what they want, look to god for the answers. He will be by your side if you allow it.
October 7th, 2008 at 8:52 am
new video
http://www.youtube.com/watch?v=SWkNG0FqHqI
October 7th, 2008 at 9:00 am
The PPL is still suprerssing the COMEX in a big way.And the Wall Street cops (SEC) are doing what they have been told by their Banking elite which is nothing
October 7th, 2008 at 9:42 am
It’s all part of the big plan orchestrated by evil.
October 7th, 2008 at 9:56 am
John Locke once said, “Government has no other end, but the preservation of property.”
When they conspire to take that property he said the following: “Whenever the legislators endeavor to take away and destroy the property of the people, or to reduce them to slavery under arbitrary power, they put themselves into a state of war with the people, who are thereupon absolved from any further obedience.”
Does that sound familiar? Do you feel enslaved by an arbitrary power? I know I do.
He then added this, “But there is only one thing which gathers people into seditious commotion, and that is oppression”
Folks, if the powers that be don’t listen to the voice of the people they might have to listen to the commotion John spoke of, if they can’t hear that and change then other less friendly sounds are sure to be heard.
October 7th, 2008 at 10:37 am
Guess what… most of us can’t even afford to buy the supplies you advertise on here so that we can survive let alone buy gold from your advertisers that we are to add to our “portfolio”! Do you not realize most of us citizens don’t have “extra” money laying around or in a savings account. So if the paper money is going away why are your people taking our paper money in exchange for gold? And if it is pure gold why are they trying to sell it to us instead of keeping it to save themselves from the coming collapse? Is this site making money off of fear? If it gets as bad as AJ proclaims I think food and water would be worth much more.
October 7th, 2008 at 10:47 am
aaaaaaagggggggghhhh!!!!! my head hurts!!!!
October 7th, 2008 at 10:52 am
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http://illuminatimatrix.wordpr.....symbolism/
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Tis the season…
October 7th, 2008 at 11:02 am
LM………..terrific questions.
October 7th, 2008 at 11:09 am
I agree with LM. Most of us are broke dick dogs and cannot afford anything. But, to add a different twist, AJ needs sponsership unless he’s independently wealthy himself. I’ve heard him say he’s not rich. If true, he is like any other “persona” on the air and needs sponsers to get airtime. Think about the TV and the Superbowl as an analogy. How much do you thin a 20 second “spot” costs on Superbowl Sunday? Give AJ the benefit of the doubt. My problem is his allowing “google” ad’s since they’ve been proven to be the enemy of liberty!!
We, “the middle class”, are entering the poor class due to the current world situation. The elites are driving us there, to add insult to injury!
October 7th, 2008 at 11:26 am
I just want to say that I think LM has a good point ..
October 7th, 2008 at 11:32 am
‘if we the people band together and ’share what we have’…
..then; none of us will be poor…share what we have…
…and we will all have something…
…if; we all have something..then they get..nothing..
TAKE ALL YOUR MONEY OUT OF THE BANKS and the STOCKS!
…if they have no money..they can not control anything! “C” what i mean…
..ONE MIND = ONE CAUSE!
(the middle class can only survive: when we step away from the ‘right and the left’…
…this proves that only the middle class: keeps the line in the middle..
..a bridge between the right and the left…only the smart Ones : meet in the middle..
you think about it!..ONE MIND and ONE CAUSE..together we stand as one; alone we fall one at a time!
October 7th, 2008 at 11:50 am
I’m still watching the Templars in Switzerland’s Banks, haven’t seen them running for “cover” yet. Anybody else have a closer feel for the “pulse” of the Swiss banking empire?
October 7th, 2008 at 12:00 pm
God don’t care about what’s happening on Wall Street, He has a wonderous Universe to play with and our rather insignifcant rather mediocre Sun is very commonplace. And for that fellow aforesaid in this blogstream, this ain’t a precursor to Armegeddon, that already happened with the collapse of the Western Roman Empire, the Eastern Roman Empire moved to Moscow (Tzar is Russian for Caesar). The only way out of this rabbithole is within ourselves.
October 7th, 2008 at 12:21 pm
I am not saying that AJ is giving us wrong information as I do believe he speaks facts. I just don’t like the fear that is driven here. I guess he can’t help it either but If he can’t change things with all his knowledge and who he knows, we little people are helpless too. It is just not healthy to worry all the time and not be able to change things. Kinda like sitting in a rocking chair…something we do but doesn’t get us anywhere….I think I’ll just walk away and pray, pray, pray…
October 7th, 2008 at 12:23 pm
LM: they use money to buy more gold
October 7th, 2008 at 2:30 pm
#
21
LM Says:
October 7th, 2008 at 12:21 pm
I am not saying that AJ is giving us wrong information as I do believe he speaks facts. I just don’t like the fear that is driven here. I guess he can’t help it either but If he can’t change things with all his knowledge and who he knows, we little people are helpless too. It is just not healthy to worry all the time and not be able to change things. Kinda like sitting in a rocking chair…something we do but doesn’t get us anywhere….I think I’ll just walk away and pray, pray, pray…
-And you sound like a sheep
October 7th, 2008 at 2:32 pm
“They want a fascist planet with the superwealthy ruling it all
Since we’re too independent, America must be led to fall
When our credit’s been exhausted to subdue the Middle East,
They’ll install our debtor nation in the body of The Beast
Traitor…Dare call it treason”
–The Cornbread Mafia
http://www.youtube.com/watch?v=uw5dP5gy2Vs
October 7th, 2008 at 3:11 pm
http://www.obamacrimes.com http://www.donaldtrumphair.com http://www.thepentacon.com 911 was an inside job obama is an illegal alien go to http://www.obamacrimes.com
October 7th, 2008 at 4:44 pm
Don’t fall under the spell.
.
.
.
http://illuminatimatrix.wordpr.....symbolism/
,
,
,
It’s free.
It’s priceless.
[
[
[
October 7th, 2008 at 6:02 pm
Today, I just resolved, within myself, to not worry about this sham ‘economy’ and await the day that all of the rich executives and bosses who walked all over me for all of these years will finally get THEIR JUST DESSERTS!!! Refusing to hire those in most need, just because they receive their mail at a “homeless shelter”! These businesses complain all the time about the homeless on the streets here, and want the police to “run them off” the public streets. Yet they refuse to even consider any job interviews with any of them! YOUR DAY OF RECKONING WILL ARRIVE AND I WILL BE THERE TO LAUGH AT YOU!!!!!
You, the criminal, emotionless corporate jerks WILL FINALLY GET YOURS!!! After all of the tax gimme’s, all of the BLACKMAILING, and wimpering gestures – YOU WILL FINALLY GET YOURS!!!!
After all of the stupid, deceitful excuses you gave to the public for hiring ILLEGAL ALIENS and telling us WE NEED THEM, while blatantly discriminating against honest, hard working, true Americans, all because of their skin color and their poor economic status! YOU WILL FINALLY GET YOURS!!!
When you execs end up where some of us have been already, WE WILL LAUGH AT YOU – YOU WILL FINALLY GET YOURS!!!
When you big-britches corporations pushed our legislators and councilmen to change the laws in your favor while pushing out the small, locally-owned, mom-and-pop businesses with your horribly-corrupt pro-big-business association(s), and the rest of US endured higher prices, higher costs of setting up our own businesses, and lower standards of social treatment of us, we will finally be able to say: “YOU WILL FINALLY GET YOURS!!!”
So my advice to the corporate bigwig, the government retiree, and whatever have you: “When your retirement dries up to nothing, you lose everything to your name as many of US have years ago, and you end up on the streets like many of US are now, we will most certainly say – YOU WILL FINALLY GET YOURS!!!”
THIS IS GOING TO BE THE SWEETEST REVENGE ANY MAN CAN EVER WITNESS!!! We, the poor, will not have to do anything, these crooks did this all to themselves WITHOUT OUR HELP!!! I will laugh until the sun rises no more!!!! They will have finally gotten theirs!!!
-Jubilant in Idaho,
JSSmith
October 7th, 2008 at 6:05 pm
To quote G.Gordon Liddy: “Ye Ssssucckkkkeeeerrrs!!!”
October 7th, 2008 at 6:49 pm
Watch Zeitgeist Addendum for free on google or youtube heres the trailer
http://video.google.com/videop.....&hl=en
October 7th, 2008 at 7:09 pm
This is why I feel America should be WOKE UP to the ‘cash for gold’ scams going on right under our noses on TV and the internet every day. Do NOT sell your Gold for cash!
For more information, see my site http://www.CashforGoldScams.com and see why you should protect your Gold…because your life and the life of your family depends on it!
October 7th, 2008 at 7:44 pm
and………..Its off……
October 7th, 2008 at 9:18 pm
Right on to comment #11, “Absolved Says”. The quote from John Locke:
“Whenever the legislators endeavor to take away and destroy the property of the people, or to reduce them to slavery under arbitrary power, THEY PUT THEMSELVES INTO A STATE OF WAR WITH THE PEOPLE, WHO ARE THEREUPON ABSOLVED FROM ANY FURTHER OBEDIENCE.”
Legislators have taken so much from us under the Bush regime. I’ve never felt less free or more angry with the government. It does appear that we are in a state of war with the legislators and the people….and a revolt in the making with “less friendly sounds coming from the voice of the people”.
October 8th, 2008 at 6:22 am
Gold has risen 80 dollars Canadian overnight…..
October 8th, 2008 at 6:25 am
Gold has risen from $940 CND an ounce to over $1,020 CND overnight.
October 8th, 2008 at 7:20 am
Gold won’t wok as a medium of exchange at the local grocery store….no one still has assayer scales, nor do they know how to use them. But, yall might need to bring a wheelbarrow with you when you go shoppig…..should Inflation take hold.
October 8th, 2008 at 9:17 am
idiots who say things like “your gonna need a wheelbarrow to go shopping” really make me sick. you stupid jerk. there will always be a coin shop open somewhere willing to buy your coin for the paper money of the day for your normal purchases. all one has to do is bring in the amount of gold you need for paper and sell off to the shop, get your worthless paper and go shopping. DUH!!! stupid monkey
October 8th, 2008 at 10:43 pm
The vast majority of North Americans (including Americans,Canadians and Mexicans) have no reserves of wealth or savings at all – and this means they have no “gold” and can’t afford, let alone “horde” any gold either!!! Salvation for these folks? There really ain’t any – is there!!!
October 9th, 2008 at 7:52 am
DUDE4FREEDOM says there will always be a Coin Shop to exchange your coins for paper money….Hmmm, if paper money becomes worthless, how long will the Coin Shops remain open? Prior to the Nazi Party assuming control of Germany in he 1930s, due to a “contrived” inflation….citizens of Germany actually did have to use wheelbarrows to buy a loaf of bread. Now DUDE4FREEDOM, does the current Financial Crisis seem contrived to you given the fact that in 1999 almost all of the Consumer Protections that the Congress in 1933 passed the Glass-Steagall Act prohibiting national and state banks from affiliating with securities companies was “gutted” by the passage of The Gramm (R)-Leach (R)-Bliley (R) Act (GLBA). 1999 to 2008 and we are looking at an even larger financial meltdown than what occurred back in 1929…only 9 years to “Crash” our economy. So who was the majority in power that was supposed to be doing “Oversight” of our Financial Markets? Can we say Free Market Republicans” as in the “De-regulator” Senator John McCain? Oh and BTW,Congressman Gramm, McCain’s economic Advisor, isn’t he the one who said that “we are a Nation of whiners!”
October 10th, 2008 at 9:02 am
gold has gone up $50 dollars today and then back down$50 this is crazy. i guess when they said higher highs and lower lows in this stage they were not kidding and now lets see what happens now the american stock market has opened