In America’s Bubble Economy, you predicted a series of events that would make gold the preeminent investment. Was your analysis on target?
When you look at the reasons I wrote about precious metals, gold and silver, back in America's Bubble Economy in 2006 and why I thought they'd do good. All the reasons I said have really come true, even more so than people would have thought. Who would have thought that QE4 or QE Eternity back in 2006, but it happened. We didn't just double our money supply. We tripled, quadrupled, and quintupled our money supply. We have now got $18 trillion in debt, that's about 6-7 times our entire revenue for our government.
So, what I said has come to pass. What has yet to come true, but I think very much will, because the reasons haven't changed... is that gold will be massively affected by that. People will move into it, because it's not just us doing that. The ECB, Bank of Japan, they're all printing money now. They saw us doing it and they say, "Hey, there's nothing wrong with this right?" Well, that's true any time you print massive amounts of money--you get the benefits first and the problems later. Of course, the same thing is going to happen with gold. The reasons it will perform well are there. It's just the reaction of it going up hasn't quite yet occurred. It will. It's kind of like, again, building a building in New York maybe in the depression. It may not be perfect timing, but ultimately the fundamental reason you're doing that is because New York is going to grow and it did grow--it's going to need more office space. Same thing here, we made some fundamental changes in how we dealt with our economy. We've never done this kind of thing before to pump up bubbles with massive amounts of money printing and massive borrowing and for that reason... and the reason I said before, “You should own gold,” is still in existence and is only gotten worse. It's just the timing is not absolutely clear, it never was. Just like if you built the Empire State building and you opened it in the depression, you don't know exactly when that's going to make money, but you know it will. Same thing here, the reasons that are pushing gold prices up or will push gold prices up are very much there and getting more prominent all the time.