Skip to content
Socio-Economics History Blog

Socio-Economics History Blog

  • About

Socio-Economics History Blog

Socio-Economics History Blog

James Turk: They’re Not Going to be Able to Save the System This Time Around !

April 28, 2014 by mosesman

[youtube=http://www.youtube.com/watch?v=uEmVgC80jDQ]

  • Gold Backwardation Like This Has Never Happened in History-James Turk! 
    By Greg Hunter’s USAWatchdog.com 
    Gold expert James Turk says the Ukraine crisis can affect the price of gold. Turk says, “Whenever there is global tension, people go to safety, and one of the greatest safe havens of all-time has been gold.  It’s been money for 5,000 years, and it’s still money and still a safe haven because it’s money that doesn’t have counter-party risk. . . .  Gold does respond to geopolitical tensions, and I must admit the situation in Ukraine is getting more serious.  I would not be surprised if the tensions continued to rise.”  So, could this be a trigger to cause distress in the global financial community?  Turk contends, “Yes, it really could.  This could blow out of proportion very quickly, and it would be much more serious than what happened in the Balkans where there was a shooting war.  What’s happening here is you are talking about a major economic power and the use of sanctions.  In WWII, one of the causes of friction between the United States and Japan was the economic sanctions the U. S. imposed on Japan because of their incursions in China.  It is eerily similar to what is happening now with Russia, and I think the stakes are just as high when you are talking about two major powers confronting themselves this way.”
    –
    As far as ratcheting up sanctions, Turk worries, “To do it in an environment where economic conditions in both the United States and Europe are very weak is even more worrying.  You just do not have the economic base as you would during a period of strong economic activity.  You have to remember these sanctions can bite home.  People living in glass houses should not throw stones, as the old saying goes.  The issue here is there is so much debt and counter-party risk between various players in the global economy that it has a knock-on effect, and we just don’t know how that knock-on effect is going to play out.  If you look back to 2008, during the financial collapse then, we saw Bear Stearns get into trouble and then some European banks get into trouble and, ultimately, Lehman . . . fell apart and collapsed, and that had a knock-on effect as well.  We just don’t know how it’s going to play out, but it is very worrying to see these threats of economic sanctions and imposition of economic sanctions and this war of words.  It is potentially very serious.”
    –
    Turk goes on to say, “Back in 1999, gold was $250 per ounce, and the gold price has risen just over five times.  Likewise, crude oil was $20 a barrel back then, and it also has risen five times since then.  So, an ounce of gold still buys the same amount of crude oil as it did in 1999.  So, if you get geopolitical tension and Russia threatens to do something on the energy issue, crude oil will go up and gold will go up as well. . . . The central banks can’t keep the gold price down if the oil price goes up.”
    –
    On central banks running out of gold this year, Turk says, “There are two things I am looking at.  There are reports of lots of old gold bars coming out of the vaults and going into the refiners being turned into kilo bars for shipments to Asia.  The fact that these are old bars that were refined thirty, forty, fifty years ago suggest they are at the back of the vault and not at the front of the vault where the newly refined bars would be.  More importantly is the backwardation we are seeing in gold. . . . In other words, the spot price is higher than the future price of gold. . . . The weird thing that has happened and it’s never happened in history, when the gold price was driven down last year to its lows in June 2013, gold went into backwardation, and since then, it has been in backwardation more than 50% of the time.  The only other times backwardation occurred were in 1999, with the lows in gold, and 2008, with the lows in gold.  After both of those backwardations, the gold price soared.  Backwardation is occurring because central banks are emptying out their vaults to try to keep the gold price from rising and to keep inflation looking low and to keep the economic conditions looking good.  There is only so much gold that exists in central banks’ vaults.  The fact this backwardation has been going on so long suggests to me that we’re pretty close to the point in time where the central banks are going to say ‘no more.’  We are not going to empty our vaults in the West to ship gold to the East. . . . My guess is it’s going to happen this year.”  
    –
    read more!

end

Post navigation

Previous Post:

Neo-Nazi March Video: Lvov Remembers Ukrainian Waffen SS Division! Neo Nazi Svoboda Party Supported by USA!

Next Post:

US Shoots Self in Foot Via Sanctions: Dollar to Be Driven Out of Trade Settlement!

Pages

  • About

Recent Posts

  • 🔴 The BRICS Bloc’s Expansion: Saudi Arabia To Join In 2023
  • LEAKED! Banks Are Receiving Trillions Via backdoor bailouts while People’s Living Standards Collapse
  • U.S. Postal Carrier: “19 People Have Died on my Mail Route in Last 4 Months”– Vwax Jaxbbed!
  • The BRICS Has Overtaken The G7 In Global GDP
  • The Next Psyop Has Been Launched As The WHO Warns Of Mass Death To Come While Babies Are Being Born With Deadly Heart Diseases, Proving The Psychopaths Are Bent On Depopulation
  • Bombshell Video: The “CO-VID Pandemic” Was the Result of Extensive Media Propaganda: “Nobody Is Safe, BE AFRAID!”
  • Russia Could Sever Diplomatic Ties With United Kingdom: Kremlin
  • Civil War, Nuke War & Financial War Destroy America – Steve Quayle
  • Debt Ceiling Deal Between White House And GOP Reached In Principle
  • How the U.S. “LOST” Billions of Dollars in Ukraine | Redacted with Natali and Clayton Morris
  • Skyrocketing Debt Can Only End One Way, in a ‘Very Bad’ Recession: Jim Rogers
  • NSA Warns Israel May Act Against Iran Alone; US Reaffirms Support for Israel TV7 Israel News 25.05
  • Ukrainian Soldier ADMITS He’s A N*zi, Bakhmut DENIALISM Sets In
  • MASSIVE Cognitive Damage Caused by VWACXINES
  • How China’s Rise Has the Middle East Declaring Independence from US, w/ Ali Abunimah
  • Bidding Farewell to the American Century | The Chris Hedges Report
  • US Target Loses $9 Billion in One Week After Releasing LGBT Swimsuits for Kids
  • Customers Flee Woke Companies as New Conservative Marketplace Blossoms
  • VALUABLE STRATEGIC ASSETS! Global Central Banks’ net GOLD PURCHASES reached 228 tons.|AsianQuicktake
  • Bill Holter: The Key To Your Financial Insurance

Archives

  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011

Categories

  • Disaster
  • Economics
  • Endtimes
  • Geo-Politics
  • History
  • Medicine & Health
  • Satire
  • Science & Technology
  • Social Trends
  • Uncategorized

Meta

  • Log in
  • Entries RSS
  • Comments RSS
  • WordPress.org
April 2014
M T W T F S S
« Mar   May »
 123456
78910111213
14151617181920
21222324252627
282930  
© 2023 Socio-Economics History Blog | WordPress Theme by Superbthemes