While the world continues to watch the dramatic Greek crisis unfold as well as the increased fighting in Ukraine, today legendary Marc Faber warned King World News that governments are going to seize people's gold. Faber also described exactly why governments are going to seize the gold from private holders.
Eric King: “Obviously we had the overnight revaluation of the Swiss franc that led to so much chaos. You have already said you think gold is going to have a strong 2015, but are we going to wake up one day and have a massive revaluation of gold? Is that coming at some point?”
Marc Faber: “Yes. But I think before it will happen the central banks and the governments will try to take the gold away from ordinary people. You understand? (Laughter)….
“They know that it would be one solution for the global financial system to peg it, to some extent, to gold.
Governments To Seize Gold
But before they do that I think they will go after you and me and say, ‘OK, parasites of society who do not spend but keep their money in gold that is unproductive — let us take it away.' That is the threat. I’m not worried about the price of gold. What do I care if the gold price is at $500, $1,000, $1,500 or $5,000? What I care about is that I can keep the ownership of gold.”
Eric King: “Just so I understand this, there may be a global coordinated effort by central banks to seize the gold.”
Faber: “Yes, because the professors at the central banks and the academics, most of them have never owned a single ounce of gold. And they know that gold is the honest currency that cannot be printed. This is a market they really cannot control in the long-run. They can manipulate it in the short-run, but the more they manipulate it, the more it will eventually go to its real level.
And so central bankers who are money printers — the counterfeiters of this world — they hate gold, period.”
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