- Don Coxe – Emergency Fed Meeting & Gold Backed Bonds!
With continued turmoil in global markets, today King World News interviewed 40 year veteran Don Coxe, Global Strategy Advisor to BMO ($538 billion in assets). Coxe shocked KWN by saying that Europe is actively working to introduce gold backed bonds. He said, “They would have the security of gold.” Coxe stated we could see this take place “within the next three months … because this crisis is developing so fast.” Coxe also discussed the possibility of an emergency Fed meeting, but first, here is what Coxe had to say about the spectacular gold rally which took place on Friday: “First of all, a rally like this, you know a huge amount of it is short covering. The short positions had been building up on this. We were having one of the highest short positions on the gold futures that we’ve seen in a long time.”
“The big story that’s unfolding is something I’m very interested in because I started writing about the odds of this last summer. As a result of that, I’ve been kept up to date about the discussions that are proceeding to try to find a way to save the euro, by getting at the gold reserves of the PIIGS countries. Some of them, particularly Italy, have huge gold reserves….