James Turk, "We could easily go over $2000 per ounce" for gold in 2012

This is the web exclusive of our Capital Account interview with GoldMoney founder James Turk, from Wednesday, January 4th 2012. In this web extra, James Turk speaks makes a prediction about where the price of gold will head in the new year, along with his outlook for central bank printing, and the problems in europe in light of increased liquidity hoarding by banks at the ECB's deposit facility. James Turk also reminds us that nothing moves up always and forever, and the type of correction we have seen in gold recently is normal, and a good buying opportunity.

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[boohoo746]

@bweazel "I seriously doubt you'll enjoy anything". I'm pretty sure I'd enjoy not being called a fool by morons, but I guess that is too much to ask for from morons.

[bweazel]

@boohoo746 Why are you reminding me about bank runs when that is a negative of a commodity backed currency that uses fractional reserve banking? Which is probably what you're wanting. So yes, you are very much a fool. The only thing it helps clarify is how little you know about the topic you're discussing and most probably, the type of investing you are doing, and even more the type of economy you're advocating for.

Sorry, I seriously doubt you'll enjoy anything.

[boohoo746]

@mrzack888 Impossible is a strong word. Also, there is a distinction between worthless and "worth less".

You are right that the value of a currency is affected by demand for the currency. But there are many international agreements being entered into today to move away from the USD. At the same time, people are moving into USD as a "safe haven asset". You should plan ahead for how these changes play out.

[boohoo746]

@bweazel OK, hold on to your paper then. I'd rather verify that the paper actually entitles me to predictable quantities of real assets.

You mention fractional reserve banking. Good. Then I'll remind you about bank runs, so maybe you'll realize that we guys are not all fools like you suggest. If that doesn't help clarify matters for you, I don't care really. You can enjoy your financial future. I'll enjoy mine.

[louis12346]

Teacher Lovely  Lauren, if gold is $8000.00 an ounce does that = Solvent Green ?

[bweazel]

@ColdWarWarriors Nope

[bweazel]

@boohoo746 Are you under the impression that gold was not also represented by paper? And that a fractional reserve system existed during the gold standard too? And also that the gold standard has crashed multiple occasions in many different places? This whole paper business you guys always talk about makes you look like fools. Paper notes have been used in trade for about 500 years now.

[ColdWarWarriors]

@bweazel So I take it your buying silver?

[mrzack888]

@boohoo746 It's impossible to have a currency blow up due to how digital credit is being created & destroyed. The only way a currency is deemed worthless in the eyes of the globe is if a country defaults, but how can it default when so many trillions of dollars of global trade depend on using dollars. The more commerce/trade a country does the more valuable its currency is coz everybody needs it to conduct bizness. US dollar only entity capable to handle current global money markets & oil.

[boohoo746]

@BITARTEN In Russia, CNN tells the Truth. I'm sure there's some joke like that.