Today MEP Nigel Farage, who traded gold for 20 years on the LBMA, spoke with King World News at length about the incredible smash in the gold and silver markets and what to expect going forward. He also discussed future government theft of assets, what type of chaos to expect in Europe and around the world in the future and much more. Below is what Farage had to say in part I of a series of powerful interviews that will be released today.
Eric King: “Nigel, we’re getting smashed on gold and silver. Silver is down $1.50, gold down over $60. What are your thoughts as you see this kind of a smash?”
Farage: “Yes, well they are big moves aren’t they? I guess movements like this are going to shake out not just some of the short-term longs, but it may shake out some of the medium-term longs as well.
That is something which gives the bigger, longer-term players very good buying opportunities….
“One thing is certain, whatever has happened to gold and the stock markets over the last 3 to 4 months, the fundamentals haven’t changed a bit.
We’re still living beyond our means (in the West). We’re still printing money like crazy. Bernanke says, ‘Oh, well we may sort of reduce the amount of quantitative easing that we are doing,’ but overall, all of the longer-term fundamentals point to the fact that our governments are in terrible trouble with their finances, that our banks have further shocks to come, and that we’ve got inflation coming down the road. Nobody can quite tell you when it’s going to be, but for all of those reasons I still maintain the position that dips in gold are there to be bought.
I also happen to think that the whole commodities complex, you know we’ve had this amazing rally over the course of the last decade. Were seeing retrenchment, but when we talk a few years from now, we are going to see gold and other commodity prices, particularly metals, very much higher than they are today.”
"A Golden Opportunity for Precious Metals and Gold Investors"