Los Angeles CA, July 31 (Tangible Investments) - by James O’Dell - Gold and Silver prices were mixed on Wednesday with Gold easing $3.30 or 0.25 percent to close at $1,295.25 an ounce on a stronger than expected GDP estimate, an improved assessment of the U.S. economy by the Fed, and a reaffirmation by policymakers that interest rates won't be raising any time soon. Silver added $0.05 to close at $20.63 an ounce, while the Gold/Silver ratio dropped to 62.78.
Ron Paul, former U.S. representative from Texas said on Tuesday that the inflation that he has been warning America about, has indeed arrived in the form of higher asset prices, and once it unravels, a market crash will follow. "There's a lot of inflation in the stock market," says Paul. "I think there's a bubble there."
The former congressman, however, still favors Gold, and believes it's going higher. "Eventually, if we're not careful, it will go to infinity, because the dollar will collapse totally," said Paul recently on CNBCs Futures Now.
On Tuesday Paul said of Gold, “Timing is the only thing. I remember watching Gold when it was 35 dollars an ounce and we thought if it ever hit a hundred dollars, the world would come to an end. And then a thousand dollars, so; no, it’s good as long as we continue to do this [print money], you know, it could go to infinity because when people just leave the dollar, who knows what …” He trails off.
“But that won’t happen if we finally wake up and do something. But if we can keep this together, if the money managers can keep it together and it doesn’t collapse, yes, Gold is gonna keep creeping up, but, you know, as weak as Gold looks right now, it’s up a hundred dollars for this year so …” Interviewer Jackie DeAngelis interrupted Paul to add, “It’s roughly I think up 8 percent year-to-date."
To which Paul concluded, “But long term…and economic law says, if you keep printing a lot of paper money, the value of that dollar and currency will go down, and things and most prices will go up and indeed Gold always goes up against that currency.”
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