International man and well known investment strategist Doug Casey warns that the world’s economic, financial and monetary systems have passed the point of no return and a change of ownership over global resources will soon take place.
At the 2012 Investment Conference in New Orleans, Casey explains why neither Presidential candidate will change anything, where the real wealth in the world is found, why gold is a must-own survival asset, and what to expect next:
We’re going to go through a really, really rough spot starting anytime between tomorrow morning and the next year.
We’re exiting the eye of the hurricane where we’ve been in since 2007… We’re going into the trailing edge of the hurricane, it’s going to last a long time, and it’s going to be very, very severe.
All the real wealth in the world – the skills in peoples’ hands, the knowledge in their minds, the factories, the farms – that’s all going to be here. It’s not going to go away.
It’s just the financial system, the economic system that’s going to collapse.
There’s going to be a huge change of ownership for those things, which is going to be very unpleasant and inconvenient for a lot of people.
It is beyond the point of no return as far as I am concerned for Europe, and for Japan, and the U.S., and China – all the developed economies, quite frankly.
Gold remains the only financial asset that’s not simultaneously somebody else’s liability.
All of these governments all over the world are printing up trillions of currency units and they’re accelerating the pace of doing so.
There’s going to be a panic into gold. There’s going to be a mania in gold. There’s going to be a bubble in gold in the future.
Even though, as we speak now, it’s at $1700, it’s no longer cheap, but it’s going a lot higher…
We’re looking at the biggest economic upset since the industrial revolution.
…[Predicting the price] is crystal ball gazing; it depends on how stupid the government is and how out of line the mob psychology becomes.
But, by the time this comes to a peak I wouldn’t be surprised – in real terms, today’s dollars – to see the equivalent of $5000 per ounce.
Of course, that may be 10 or 15 considering how badly they’re going to inflate the currency…
Watch Doug Casey: