Today one of the legends in the business spoke with King World News about the gold and silver markets, and how people are getting creative just to survive. Keith Barron, who consults with major companies around the world and is responsible for one of the largest gold discoveries in the last quarter century, also spoke about what KWN about the incredible events which are taking place in Europe.
Barron: “I’ve been working at my gold mine in Montana, accumulating gold ounces, which is a hell of a lot of fun. I have to tell you that owning your own gold mine is like having your own printing press. It’s the ultimate in financial freedom. It’s the greatest thing on Earth. We have been working at this seven days a week and will continue until after the frost comes.
If you look at the gold price, they always seem to smack it when the commitment of traders report gets too imbalanced. But we’ve seen some interesting things over the last couple of weeks. We saw a good old-fashioned bank run in Portugal. The problem is that things have been papered over but the fundamental problems have not been fixed. We see this all over Europe and in America. Well, eventually these problems come home to roost.”
Wherever I went on my travels recently, they were asking me to pay cash for various things so it wouldn’t get recorded in the books. For instance, you would take a taxi and they would say, ‘You’ve got to pay another 3 euros.’ You say, ‘That’s not what the meter says.’ They say, ‘Yes, but that’s just the way it is.’
This is really the crux of the problem. None of these countries has the reins on its own currency. So when they are fiscally irresponsible they can’t just print money as they do in the U.S. and just throw money at it. This is causing major problems and even social unrest.
This means they are not recording it on the meter because the meter is regulated and that has to go to the tax department. Everyone calls it ‘black money.’ Everyone has some sort of a dodge going. They want to get paid extra or they want to get paid under the table because they are just barely scratching out a living if they are working at all. People have to get creative to survive and this is how they are doing it.”
Source King World News
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