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Have we reached the "point of no return" in dealing with the debt crisis, and do you see more and more investors turning to gold?

January 6, 2014
Video Transcript

Now, we're at a point right now, where we can't pay our existing bills. Our existing bills right now are very small. These are little ripples. There are tsunamis of debt coming our way. So we have absolutely no chance of being able to pay those. Unfortunately, it's either a survival mechanism or a defect in the human brain is the ability to go into denial. I think we're in a case of simply mass denial. Everyone knows there's something wrong. Everyone knows there are problems coming. A lot of people simply seem to ignore it. It's a strong analogy, but I'm not going to shy away from it. It's almost like the Jews in Germany before WWII; they knew bad things were coming. Some of them took action; they survived. Some of them didn't and that didn't work out too well, just a case of mass denial. It's so bad to forecast... when you look what could happen... so devastating that our brains just simply turn it off.

There will come a day and I don't think it's that far away, when I don't think you're going to be able to get gold. I mean, I know my gold and none of it's for sell at any price. I was just talking about this with my neighbor the other day. He goes, "At what price would you sell?" I'm like, "It's my security. I mean it's my family's security. What's it worth to me? It's invaluable." So there will come a day when it will be $5,000-$10,000 an ounce, I have no doubt. It will be that price simply because you won't be able to get it. Those who have it, have it. Those who don't, don't. There's going to be no..."Oh, you've got 30-days now to go and get gold." There's no warning sign. It just happens. The last economic crash just happened. As the old saying goes, "when societies go broke, they go broke first, slowly, then quickly." There's going to be a day that you're one day too late. Everyone's going to go, "I knew I should have done it, I knew I should have done it." You didn't take action. You and your family will undoubtedly suffer the consequences. So for me, I'm not suggesting that everyone go 100% into gold, but you have to put a certain percentage of your assets into an insurance policy; to insure yourself against bad government. What we have now around the world is bad government. That's what the gold is designed to protect against. You're not going to get rich, but it will protect you against that.

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