Richard Russell Warns Countries Are Now Preparing For A Collapse In Global Fiat Currencies And Panic Buying Of Gold
KingWorldNews.com
Oct. 16, 2015
With continued uncertainty in global markets, the Godfather of newsletter writers, 91-year-old Richard Russell, warned that countries are now preparing for a collapse in global fiat currencies and panic buying of physical gold.
October 16 (King World News) – Richard Russell: “The word out of China is that China is selling massive quantities of US Treasury bonds. At the same time China has been a huge buyer of gold. My thought is that China wants to back the yuan with gold and thus the yuan will be the world’s only gold-backed currency.
Countries Preparing For A Collapse In Global Fiat Currencies
In this way, China wants to be on an economic par with the US. Russia is also buying physical gold, as are most of the central banks. They may be preparing for a collapse in fiat currencies. I advise my subscribers to buy as much bullion gold as they can. It seems that the central banks don’t trust the garbage money that they themselves have created.
Many veterans are now afraid to store money with banks or even with the government. They are buying small quantities of silver and gold because these items always represent wealth and will not decline in the bear market.
My recommendation is cash, precious metals, and patience as we await what I think will be a full blown primary bear market. If you have cash, sit with it until the end of the year when we know more about what’s happening in China and Russia and Syria.
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