Rule – Gold & Silver Spike & The Oil Quote May Skyrocket
August 22, 2012
On the heels of the release of the Fed minutes and subsequent spike in gold and silver, today King World News interviewed one of the wealthiest and most street-smart pros in the business, Rick Rule. Rule told KWN that more stimulus is on the way and the oil quote may skyrocket.
Rule, who is now part of Sprott Asset Management, also discussed the release of the Fed minutes: “Additional stimulus will be needed soon according to many Federal Reserve policymakers, unless the economy shows signs of a durable pickup. I don’t see any signs of a durable pickup, so I think they are signaling that there is going to be additional easing.”
Rick Rule continues:
“This seems to be a worldwide phenomenon. One would expect the gold market to react to news like that, and sure enough we have both gold and silver on the move in the aftermarket. The indication here is that we are going to see more money printing, and therefore the major currencies will become worth less. That, of course, means gold becomes worth more.
I think it’s tragic that they are destroying the currencies, but that’s what’s happening. It not only destroys the currency, but it also destroys the fabric of a country….