Hugo Salinas Price, Mexican business magnate, investor, and philanthropist and the president of the Mexican Civic Association for Silver, writes today that gold will soon return to its traditional role in the international monetary system.
The current melt-down of the world’s debt bubble is likely to continue in the course of the next months and Salinas believes that the salvaging all debt and derivatives might require a gold price as high as between $22,000 and $50,000 per ounce.
He believes that gold will soon help balance international trade, discipline government budgets, and reliquefy debt that is becoming unpayable.
The secular trend to expansion of credit has morphed into contraction and liquidation. It is my opinion that the new trend is now established and no action by any of the Central Banks (CB) that issue reserve currencies will do anything at all to reverse that trend.
Salinas Price’s commentary is headlined “The Coming Revaluation of Gold” and it’s posted at the civic association’s website, Plata.com.mx, here:
LBMA Gold Prices
26 Jan: USD 1,114.70, EUR 1,028.42 and GBP 785.80 per ounce
25 Jan: USD 1,103.70, EUR 1,020.29 and GBP 773.96 per ounce
22 Jan: USD 1,097.65, EUR 1,012.55 and GBP 769.63 per ounce
21 Jan: USD 1,096.80, EUR 1,006.98 and GBP 774.99 per ounce
20 Jan: USD 1,093.20, EUR 999.73 and GBP 771.08 per ounce
News
Gold’s “higher close” last week “was positive” said GoldCore – Mineweb
Thai Bargain Hunters Join Asian Gold-Buying Spree as Prices Drop – Bloomberg
Gold Advances as Equity-Market Turmoil, Fed Outlook Lift Appeal – Bloomberg
Chinese Stock Market Plunges over 6% – Bloomberg
Gold reclaims $1,100 level as U.S. stocks, dollar weaken – MarketWatch
Commentary
The Coming Revaluation of Gold – Moneda De Plata Para México
The Coming Perfect Storm In Silver – SilverSeek
Italian Bank Panic & Bail-In – The Next Domino to Fall – The Dollar Vigilante
China’s Year of the Monkees – Maudlin Economics
Keiser Report: Fine Print Reality vs Big Print Dreams – Max Keiser
Breaking Gold and Silver News Today – Click here
