Wednesday, July 30, 2014
Pastor Lindsey Williams GOLD Will Reach $3,000 Oz 2014 2017
“Gold is the currency of the elite” – Pastor Lindsey Williams The ability to quickly obtain physical gold, silver and other precious metals is diminishing, so I agree with Pastor Williams that we need to start buying as much physical gold, silver, platinum, palladium and other precious metals as we can, while there is still a supply of it. In July 2013 we were informed that J.P. Morgan’s Comex Gold had dropped to a record low. For example in 2010 J.P. Morgan Comex Gold was just over three million ounces, it is now less than 300,000 ounces. At the same time in July Brink’s saw 24% of its entire registered holding, or 133,000 ounces quietly get withdrawn. This, together with the moves in JPM and HSBC inventory, meant that total Comex gold holdings dropped by 116,000 ounces to a new low not seen for the first time since 2006. To confirm that there is a lack of physical gold – in February 2013 the financial world was shocked by a demand from Germany’s Bundesbank to repatriate a large portion of its gold reserves held abroad. By 2020, Germany wants 50% of its total physical gold reserves back in Frankfurt – including 300 tons from the Federal Reserve. The Bundesbank’s announcement came just three months after the Federal Reserve refused to submit to an audit of its gold holdings on Germany’s behalf. What this means is that the central banks around the world are waking up to the fact that the dollar is no longer the world’s safe haven asset and the US government is no longer a trustworthy banker for foreign nations. The Federal Reserve was unable to offer Germany its 300 tons of gold in a timely manner and arranged a payment plan over 7 years. Germany’s gold had obviously been lent as collateral for other loans and since the Federal Reserve depends on a fractional-reserve banking system for its existence, the seven year timeline would allow it to save face and avoid a run on the Federal Reserve.