"In the last cycle, from 1970 to 1980, gold went from $40 to $800, so -- twenty-fold increase," McEwen Mining Chairman Rob McEwen tells Fox Business in an April 4 interview.
"Apply that to the 20-year low we had in 2001 of $250 an ounce, you're at $5,000. Second reason: Massive quantitative easing and huge levels of debt being incurred by the government. In history, that's always meant that currencies are being debased, and you should seek to diversify your portfolio. ... The amount of debt that's being piled up right now is unprecedented. And all you have to do is look back in economic history -- this leads to a debasement of one's currency. ... The dollar is a safe haven relative to the euro and how investors have been very concerned about what's been going on in Cyprus and saying that could spread through the rest of Europe. So, let's got to the dollar, but once I look at the dollar, there's some problems with it as well. ... Bullion is off its high from $1,900, but it has strong undertones and there are more people looking at it saying, 'Look, it's dropped quite a it right now; maybe it's time to start entering this market and taking a position.'"
"Apply that to the 20-year low we had in 2001 of $250 an ounce, you're at $5,000. Second reason: Massive quantitative easing and huge levels of debt being incurred by the government. In history, that's always meant that currencies are being debased, and you should seek to diversify your portfolio. ... The amount of debt that's being piled up right now is unprecedented. And all you have to do is look back in economic history -- this leads to a debasement of one's currency. ... The dollar is a safe haven relative to the euro and how investors have been very concerned about what's been going on in Cyprus and saying that could spread through the rest of Europe. So, let's got to the dollar, but once I look at the dollar, there's some problems with it as well. ... Bullion is off its high from $1,900, but it has strong undertones and there are more people looking at it saying, 'Look, it's dropped quite a it right now; maybe it's time to start entering this market and taking a position.'"
More information can be found online at http://www.goldbullionadvisors.com
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