Will the U.S. Nationalize Gold Within its Borders?Audio-Video, Future of Money, Resources — By Theodore Phalan on February 25, 2013 at 11:07 AM
Money manager Peter Schiff predicts, “We are headed for a monetary crisis, a dollar crisis. . . . Money supplies are going to explode, and gold supplies are going to be constricted.” According to Schiff, that means only one thing, “The price of gold has one way to go in the long term, and that is up.” Schiff says the reason why it hasn’t ignited is because, “People are buying into this myth the economy is recovering. . . . We’re facing a worse crisis than ever.” Schiff thinks the real reason why the federal government is suing the S&P rating agency is because it downgraded U.S. Treasuries last year. Schiff says, “The reason why they’re being sued is not only because of what they did but to send a message to the other ratings agencies that you better not downgrade U.S. Treasuries.” Schiff predicts, “People who own Treasuries are going to lose a lot of money.” Join Greg Hunter as he goes One-on-One with Peter Schiff of Euro Pacific Precious Metals.