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Another Prominent Economist Forecasts Depression, Says
Gold To Hit $2000
Systemic financial meltdown will see prices more than
double
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Yet another renowned economist and investor has declared that
the U.S. is entering a full scale depression that will see gold
prices more than double in the near future.
Canadian investor Eric Sprott, who rightly predicted
the collapse of banking stocks last year, has told Bloomberg
News that the U.S. has entered the worst economic
slowdown since the Great Depression:
“The trend is down, and there’s not
one signpost that says it’s changing yet,” Sprott
said yesterday from Toronto. “We’ll stand by to
wait to see those, and until it does, you have to assume it
gets worse.”
Sprott, the chairman and founder of Sprott Asset
Management Inc., a company worth $4.5 billion, also said that
he sees gold prices hitting $2000 as a result of a systemic
financial meltdown:
“The window to raise money for gold stocks
has blown open,” Sprott said. “The investing public
has started to go to that one thing that they think it’s
safe to invest in.”
Gold is currently trading at around $908 per ounce,
and while other commodities are falling off, gold producer's
stocks have almost doubled in the past three months.
Sprott also warned that the foreign investment
in U.S. Treasury securities could dry up as countries concentrate
on their own financial markets. Sprott said such activity would
be “catastrophic”:
“When do people stop buying the credit of the country?
That’s a tough question to answer, but it’s on a
lot of people’s lips right now,” he said. “Each
country has their own financial problem, so there’s no
funding for anything external.”
(Article continues below)
Sprott's prediction mirrors that of numerous other fund managers
and top investors such as Johann
Santer, Jim
Rogers, Robin
Griffiths, Edward
Hands and Jurg
Kiener to name but a few, who are now predicting
that global central banks' insistence on printing their way
out of economic turmoil is setting the stage for a hyperinflationary
holocaust, a knock-on effect of which will be gold's acceleration
towards $2,000, as demand for precious metals outstrips supply.
Meanwhile other prominent economists such as former chief credit
officer at Fannie Mae Edward
J. Pinto, philanthropist George Soros, the IMF’s
top economist Olivier
Blanchard, and Professor
Peter Morici, a former chief economist at the U.S.
International Trade Commission, have all concluded that the
U.S. is entering a full scale depression.
These summations dovetail with the analysis of renowned financial
publication The Economist, which reported
last month that, based on the characteristics of
the current financial crisis, the U.S. is in a depression, not
a recession.
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