Central Banks Stockpiling Gold & Governments Hoarding Oil
April 1, 2012
With gold and silver set up for a big move this week, today King World News interviewed 40 year veteran, Robert Fitzwilson. Fitzwilson is founder of The Portola Group, one of the premier boutique firms in the Unites States. He told KWN that investors need to accumulate key assets while they remain undervalued. Fitzwilson also said gold, silver and oil are being hoarded by a combination of central banks and governments. Here is what Fitzwilson had to say: “It is critical that people distinguish between price and value. As prices fall and ‘utility’ stays the same, that is what creates greater value. In the case of oil, gold and silver, not only is the utility holding steady, but it is actually rising.”
Robert Fitzwilson continues:
“As we learn that the spare capacity to produce oil is flat to declining, the economic value of the existing production rises. As central banks have realized that they were dramatically overexposed to fiat currencies and underexposed to gold, utility for them went from ‘nice to have’ to ‘critical to have.’
The reality is that the value of gold and silver is climbing every day even as the price is becalmed or periodically taking a nosedive….