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Park Avenue Numismatics
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Miami, FL 33137
 
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Hold gold as governments have 'scandalously mistreated' their currencies

Thursday, June 30, 2022

6.30.22 - Govts have 'scandalously mistreated' their currencies

Gold last traded at $1,807 an ounce. Silver at $20.28 an ounce.

News Summary: Precious metal prices pulled back slightly Thursday on expectations of aggresive Fed action. Stocks see sharp losses as brutal first half of the year comes to a close.

KITCO--"The gold market remains trapped in consolidation below $1,850 an ounce. Still, one analyst said that the precious metal's long-term bullish setup remains firmly in place.

In a recent interview with Kitco News, Byron King, editor and precious metals expert at Agora Financial, said that he expects it's only a matter of time before gold once again becomes an essential monetary metal.

King said that with inflation rising out of control, consumers are losing faith in fiat currencies. He added that the situation can still get worse as governments continue to create money out of thin air.

'The way Western currencies have been mistreated by their own governments, mismanaged and mistreated, is scandalous,' he said.

King said that the issues consumers currently face can be traced back to the 2008 financial crisis. Nearly 15 years ago, the government and the Federal Reserve flooded financial markets with money and liquidity that helped support the economy during the worst financial crisis since the Great Depression.

'We would've had a bad recession back then, but it would have cleaned out all the muck in the Augeas' stables,' said King. 'We would have had one hell of a miserable time for a year or two back then. Instead, the powers that be didn't want that, so they just kicked the can down the road. Well, guess what? We're at the end of the road'"

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