Gold expert and author of “$10,000 Gold,” Nick Barisheff, says all markets are manipulated and fraudulent. Barisheff predicts, “This has been happening in all markets. When you have a manipulated market, at some point in time, you have a massive correction back to what would be the norm. It usually overshoots the norm. It’s like keeping a balloon under the water. Sooner or later, it’s going to pop.
This interview was recorded three weeks ago. We’ve been unsure of how well an interview about “$10,000 gold” would be received while the yellow metal experiences its worst quarter, price-wise, in history.
But rather than sit on it any longer, we’re releasing it now and will trust our readers to look past the current price of gold and focus on the long term macro arguments Nick presents. Nick Barisheff, CEO of Bullion Management Group recently published the provocatively-titled book: $10,000 Gold: Why Gold’s Inevitable Rise Is the Investor’s Safe Haven.
In this excellent interview, Chris Martenson sits down with Nick to learn the math behind this forecast.
Gold expert Nick Barisheff says the plunge in the gold price is sparking demand. Barisheff contends, “Usually when there is a big drop in price of paper, there is also a drop in demand on physical gold. This is the first time I can remember that it has gone the opposite way. People are perceiving the drop in price as a gigantic buying opportunity. It’s on sale at a lower price.” The dollar is going to dramatically lose value. Barisheff predicts, “What’s different than the other 65 hyperinflations is, this time, we are going to have global hyperinflation.” Barisheff says nothing has changed to justify gold’s dramatic price drop. Barisheff says, “When I listened to the debt ceiling debate in 2011, it became crystal clear the debt situation wasn’t going to get resolved. So, it is accelerating, and the relationship between the U.S. debt and gold is almost a perfect correlation.” Join Greg Hunter as he goes One-on-One with Nick Barisheff, President and CEO of Bullion Management Group, and author of the new book “$10,000 Gold.”
To describe the events in Cyprus and their relevance to gold, we can start with the analogy of a peaceful, self-satisfied Western investor asleep in a dark room. He has had trouble sleeping lately because he is starting to become more concerned about the safety of his personal wealth. He is unaware that he is sharing his room with three large elephants. They come each night, but remain hidden by the darkness. He awakens for a moment and lights a candle. Suddenly the room is illuminated and he sees the three beasts. The vision terrifies him, so he races to blow out the candle hoping to forget what he saw. Of course, once the light shines on truth it is difficult to return to a state of ignorance.
The events in Cyprus had the effect of turning on the lights, if only for a moment, before the financial media and the world’s central bankers began a blitzkrieg campaign of denying the truth that was briefly exposed.
Asset manager Nick Barisheff says, “There’s never been a fiat currency in history that didn’t end in hyperinflation and complete collapse.” Barisheff thinks that Treasury Secretary Tim Geithner’s most recent call to have an “unlimited debt ceiling” for the U.S. was “just telling the truth.” That’s essentially what we have now with “open-ended” money printing by the Fed. Barisheff adds, “All it’s doing is postponing a problem . . . it makes it bigger and eventually it blows up.” Forget about remedies for the economy, it’s too late. Barisheff says, “We’ve passed the point of this getting fixed.” Barisheff thinks if the Fed’s gold holdings are ever audited, there will be a “gigantic short-covering rally . . . multiple bankruptcies . . . and a massive loss of confidence” in the dollar because much of the gold is gone or leased out. Barisheff thinks the gold price could be “easily double” right now. That’s because Barisheff believes, “What’s kept the price down is the artificial leased gold going onto the markets.” Join Greg Hunter as he goes One-on-One with Nick Barisheff, CEO of the $650 million Bullion Management Group.