Turk – Expect Tremendous Chaos, Europe Deteriorating Rapidly
Turk – Expect Tremendous Chaos, Europe Deteriorating Rapidly
“When asked about the decline in gold and silver, Turk responded, “It depends on how you look at it, Eric. The decline looks worse in dollars than euros because the euro itself has been declining against the dollar. But here is another way of looking at it.
When crude oil was $107 a barrel a few weeks ago, with gold at $1650, a barrel of crude oil cost 2 grams of gold. Now with crude oil at $94 and gold at $1550, a barrel of oil only costs 1.9 gold grams. So, by owning gold, your purchasing power over the last few weeks increased by 5% versus oil.
Admittedly, one would have done better if they were holding dollars, but who wants all that risk? You have to find a safe bank to place those dollars, and then be guaranteed that the Fed is not going to launch QE3. You would also need to be guaranteed that the federal government is going to drastically shrink its deficits. ”
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