Gold expert James Turk says, “Mr. Bernanke is so anti-deflation he’s willing to risk hyperinflation, and we are on this path of hyperinflation given the policies we are following.” Turk contends gold is a good value right now. Turk says, “Because it is money outside the banking system, it doesn’t have any counterparty risk, and that is very important as this crisis continues to unfold.”
Turk predicts, “Either we cut back on spending or the dollar is going to collapse. . . . Those are the two choices.” Turk’s advice, “By owning physical metal, you are preparing for what looks like a collapse of fiat currencies. In fact, I call the environment we are in now a fiat currency bubble.” Turk predicts gold will reach “$11,000” per ounce in the next five years.
Turk goes on to say, “It might come sooner. It depends on when confidence finally breaks, and we’re getting very, very close to that stage. There’s nothing holding the dollar together but confidence.” Join Greg Hunter as he goes One-on-One with James Turk.
1 Oz Gold Buffalo As Low As $74.99 Over Spot At SDBullion.com!
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_gold.gif)
It depends on when confidence finally breaks, and we’re getting very, very close to that stage. There’s nothing holding the dollar together but confidence.”
My question is who has confidence in the U.S. Dollar? Not the people. We the people are purchasing metals at an alarming rate
metal ownership by population in the US and Canada is what 5%? I can’t wait for the rush. When the panic happens we’ll be outside while the vast vast majority of sheep are hauling ass for the door to get out of the burning building.
I would agree that the “rush” has not yet developed. Stackers are buying but the general population is not. My guess is that we will need some sort of eye-opening event to start the rush. Once that happens, it could really take off. Before then, we likely will continue to see complacency in the general population.
‘The people’ Being maybe 2% of Americans, try paying for something with a silver eagle, they won’t take it. Everytime I make a purchase I try to pay with a Silver Maple first and I get weird looks, or sometimes people say wow cool looking coin buddy, but now give me the fiat. I’ll even say ‘It’s 5 dollars legal tender’, and they just won’t take it. I can’t blame people, they just don’t know any better(YET)! Do your part and educate.
-Koda
Like it or not, ladies and gents, fiat dollars are still legal tender and the most accepted currency in the US… and will be until the SHTF. As of this moment, fiat has value because people WILL give us valuable stuff in exchange for these notes. It will not be until that changes that gold and silver will come into their own as usable daily currencies.
In the civilized nations, and you can guess which ones they are, the $100 bill is viewed with suspicion. Travelers who come to the US and bring back $100s back home are finding them unwelcome. Those returning from other countries are sometimes finding they have counterfeit bills.
Being within 30 miles of 2 native american casinos the $100 and $50 bill isn’t taken by most businesses because of the number of counterfeits. They even pen test $20′s to make sure they are real.
YAWN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Beddie-bye time? lol
Darn! I’ve been hearing about this for more than a year! It’s always the same thing. The financial experts keep pointing out the obvious thing and keep doing predictions that are wrong. The first real sign of hyperinflation in the USA is when 1) New higher denominations are reintroduced such as the 500$ bill or when 2) The lower denominations are phased out such as the penny just like Canada did!