Gerald Celente : The Gold Market is Rigged , Currency Wars are happening NOW before our Eyes
"Be afraid. Be very afraid." "I'm mad as hell, and I'm not going to take this anymore!" "What a dump." Well, you get the picture. If one were to ask those who predicted the economic collapse in 2007/2008 if the worst is over, it would be pretty much a given that they would respond with a quote from the hit 1950 motion picture "All About Eve," "Fasten your seatbelts, it's going to be a bumpy night!"
From enormous debt loads to rampant inflation to government incompetence, the United States is on the brink of severe economic depression. With a real national debt of $222 trillion including all unfunded liabilities and expenditures, it's surprising that no one talks about how the U.S. will eventually become a bankrupt nation -- if it isn't already.
"We've got a much bigger collapse coming, and not just of the markets but of the economy. It's like what you're seeing in Europe right now, only worse," stated Peter Schiff, president of Euro Pacific Capital, in an interview with Yahoo's Breakout.
"That's when it really is going to get interesting, because that's when we hit our real fiscal cliff, when we're going to have to slash — and I mean slash — government spending. "Alternatively, we can bail everybody out, pretend we can print our way out of a crisis, and, instead, we have runaway inflation, or hyper-inflation, which is going to be far worse than the collapse we would have if we did the right thing and just let everything implode."
With that being said, there are various things a person must accomplish in order to prepare a household for the coming economic collapse. Whether it be owning precious metals, storing enough food and water, having some form of protection from perpetrators or having a basket of currencies, there are lot of ways people can make preparations while we are on the brink of disaster.
The cost of gold plunged Friday amid investor optimism about the the U.S. economy.
Shortly before the end of trading, the price of the metal fell $73 to $1,487 an ounce, its biggest drop in more than a year and the lowest level since July 2011. Gold futures also plunged, notching their biggest one-day fall in more than a year. Gold for June delivery plunged $63.50 to close at $1,501.40 an ounce Friday, the largest drop since February 2012.
In stocks, a drop in energy and mining companies ended a four-day surge in the stock market. The Dow Jones industrial average closed flat points at 14,865. In the first four days of the week the Dow rose 300 points, a gain of 2 percent.
In other trading, the Standard & Poor's 500 fell 5 points, or 0.3 percent, to 1,589. Materials and energy stocks fell the most of the 10 industry groups in the index, 1.7 percent and 1.4 percent. The Nasdaq composite dropped 5 points, or 0.2 percent, to 3,295.
The price of crude oil dropped $2.50 to $91 a barrel in New York trading. The International Energy Agency lowered its forecast for global oil demand this year, echoing predictions made earlier this week by OPEC and the U.S. Energy Department.
Gerald Celente (born November 29, 1946) is an American trend forecaster, publisher of the Trends Journal, business consultant and author who makes predictions about the global financial markets and other events of historical importance. Celente has described himself as a "political atheist" and "citizen of the world". He has appeared as a guest on media outlets such as The Oprah Winfrey Show, The Today Show, Good Morning America, CBS Morning News, The Glenn Beck Show, NBC Nightly News, The Alex Jones Show, Coast to Coast AM and Russia Today