Credit Meltdown Coming, Buy Gold & Silver Now – Bill Holter

Posted at 9:49 AM (CST) by & filed under USAWatchdog.com.

By Greg Hunter’s USAWatchdog.com (Early Sunday Release)

Financial writer and precious metals expert Bill Holter says forget about the relatively small sell-off in the gold and silver markets. The big worry shaking the markets is an enormous global credit problem. Holter explains, “Your protection about the credit market coming down is asset money, if you want to call it that. Gold and silver have no liability. They are not issued by a central bank, and there is no promise that has to be kept for it to perform. . . . Dollars, euros, bonds or what have you, those are all liabilities of a central bank or sovereign treasury. They all carry liability, and that’s what the problem is in today’s world. It’s a world completely awash in liability. . . . I think, ultimately, you are going to see a credit meltdown.”

Holter points out the U.S. government “Plunge Protection Team” is not only trying to prop up the stock market, but also is suppressing gold and silver prices. Holter says, “Friday’s hit in the gold market (down $60 per ounce) is obviously an ‘official’ movement because they don’t want people getting the idea that your safe haven is physical gold and silver. In other words, they tried to steer investment away from gold and silver by smashing it with paper contracts.”

Holter, who has two decades of brokerage and equity experience, also points out, “This coming week and the weeks going forward, I am sure there are all kinds of margin calls that will be forced selling. . . . So, this thing could become a self-perpetuating spiral (down).”

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