Gerald Celente: Gold Is The Safe Haven for Coming Collapse

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• Gerald Celente – Gold Is The Safe Haven for Coming Collapse
  by Greg Hunter’s USAWatchdog.com  (Early Sunday Release)
  Top trends researcher Gerald Celente has recently predicted a market crash between now and the end of the year. It looks like that prediction is unfolding now, and Celente contends, “It’s very simple. You have a global slowdown, and this is after central banks have pumped in trillions of dollars, yen, yuan, euros and you name it to propping it up. We are in unprecedented territory. This has never happened before in the history of the world. . . . Even the Wall Street Journal came out last week with a front page story and said the Fed used up all its ammunition. They have nothing left to do because they have record low interest rates, but I disagree with them. I believe they will come out with another round of quantitative easing (QE or money printing). They will do anything they can. It looks pretty sure they are not going to raise interest rates in September. . . . What is going to create jobs? The jobs they are creating stink. Here’s a number for you. Medium household income is 6% below where it was in 1990.   Look at the new home buyers. In good times, first time buyers are usually around 40%. It is down to 28%. Look at the amount of people who own homes. It’s back to 1960 levels. Look at the labor force participation rate. It is back to late 1970’s levels. There is no recovery. It’s been a cover-up.”
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  Celente sees stocks and bonds taking a big hit, while gold prices spike. Celente explains, “By the end of the year, the equity markets will be down by more than 20%. Look at the NASDAQ. It’s below 5,000. The last time the NASDAQ was at 5,000 was March of 2000. That was 15 years ago. I am bullish on gold. I believe when gold prices go up, they are going to spike up. We believe, and we are on record, that the bottom in gold is between $1,000 per ounce to $1,150 per ounce. That was the downside risk because it doesn’t pay to pull it out of the ground at any level lower than that. It’s not like oil where you have to keep pumping just to keep things going. Now, we believe that when gold prices go up, they are going to skyrocket up. We are looking for gold to beat its 2011 level when it was $1,927 per ounce. We believe it is going to go over $2,000 per ounce. We are not as bullish on silver because silver is used for production, and we don’t see production increasing. Silver is a manufacturing metal, as well. However, having said that, it will not go down along with other raw materials. It will probably rise, but not at the pace we see gold rising. Gold has been looked upon as when all else fails, there is gold. People will be looking for a safe haven commodity when this all begins to collapse. You are going to see riots in Brazil and more riots in Venezuela. I just got back from Italy. There are migrants everywhere. You got a war in Libya. You got a war in Syria. You got a war in Iraq. You got a war in Yemen. You got a war in Afghanistan. You have destabilization from Mali to the Congo, central Africa to Sudan to Somalia. These people are flooding out into Europe. There is no way of stopping this wave because besides the wars, you have crashing commodity prices.  Commodities were holding these countries together as they were exporting it to China when China was manufacturing. This is when the Americans and Europeans were buying. What you are looking at are crises coming from many different levels. We are talking about economy, geo politics and civil wars to regional wars and social unrest.”

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