Harry Dent: Gold Target $700 or Lower/ In the Short Term, All Gold-Hoarding Nations and Individuals Will Lose Big
Harry Dent: Gold Target $700 or Lower/ In the Short Term, All Gold-Hoarding Nations and Individuals Will Lose Big. ForbiddenKnowledgeTV
December 15, 2014.
Contrary to what many "sky-is-falling" financial prognosticators are saying, the fall in oil prices will not cause an inflationary environment for the US dollar but the opposite, just as it has in every past similar crisis. The US has increased its petroleum output by 2 billion barrels, since 2008 primarily by using the controversial "fracking" of shale oil in US territory and it is Saudi Arabia, which is keeping it's own output high because it doesn't like this competition - which is having a primary inflationary effect on other oil-produving nations' currencies - but when push comes to shove, and the bottom falls out of the market, there will be less money chasing less resources, which will have a deflationary effect on the US dollar and put a downward pressure on all commodity pricing until the 2020s, by the time the big commodity-exporting nations economies have kicked in and commodity prices will begin to rise again.
In the short term, all gold hoarding nations and individuals will lose big and China, with perhaps the largest real estate bubble on the planet - but hardly alone, in that arena will be the biggest loser of all.
Greg Hunter interviews economist and best-selling author and financial guru, Harry Dent, who thinks the economy is teetering on the edge and contends, "They are doing everything to prevent it, but everything they do to prevent it from blowing up is making it worse. This is a game they cannot win--mark my words, cannot win, and we are going to see a major crisis...especially over the next two years. These falling oil prices will trigger these fracking firms. They have 20% of the junk bond high yield debt in the United States, and that's all it takes to trigger another financial crisis just like the subprime crisis back in 2008. All it takes is a trigger and the whole debt thing comes down."
On gold, Dent says, "We've been predicting gold will go down for many years now, and the next target is $700 per ounce. I think we will see that in the next two years at a minimum." - See more at: http://www.forbiddenknowledgetv.com/videos/money/harry-dent-gold-target-...Filed under: Banking / Economics
Login / Join