On September 15th of this year Allan Greenspan spoke at the council on foriegn relations. When he was confronted with a question on why the price of gold was hitting such highs, his response was something that warranted a “no sh!& sherlock!” from a lot of people.
Thinking a lot about gold prices over the years and coming to the conclusion that the supply and demand explanations treating gold like other commodities “simply, don’t pan out”. And that “gold is simply different” were Mr. Greenspans replies.
What was really shocking was his statement that “Fiat money has no place to go but gold”.
You can see the full Greenspan article here
Why we need a council on this to figure out why gold is going so high is amazing to us here at PreciousMetalNews. We feel that it’s a no brainer that real money goes up when worthless currency goes in to mass production. Makes complete sense to us here.