Normally I do not respond to attacks but this one needs addressing. Jason Burack posted a YouTube video yesterday (listen at about the 10:30 mark) where he spoke my name in the same sentence with the words “lazy and dishonest”. He “laughed” at our recent interview with Greg Hunter because of my $87,000 per ounce math on gold, but at least he admitted he did not even bother to listen to the interview (lazy?). I spelled out the very simple math; if the current US (on books debt only) debt of $22.5 trillion were to be backed by current purportedly held national gold in US vaults of 260 million ounces, the result is roughly $87,000 per ounce. I say “purportedly” because there has been no audit since the 1950’s. I believe if the gold really is there AND unencumbered, we certainly would have had many audits advertising this…but we have not…and have not for a reason!
He then goes on to say that $87,000 per ounce gold would be a very scary and dystopian world where guns, ammo, and the ability to grow your own food will be at a premium … at least he understands high(er) gold prices do not mean happy days are here again! I did not listen to his entire interview but did hear just prior to where he attacked me, he said re China and their “$50 trillion debt bubble” that even if they had $trillions in gold…it would not help. Jason is making the same mistake that others often do when in essence he is claiming there is not enough gold. There IS enough gold to back all currency and all debt on the planet if gold were priced correctly. Would $87,000 per ounce do it? No, I do not believe it would but at that number, the US (if we actually have the gold?) would be able to settle current on books debt outstanding.
As an FYI to Mr. Burack, trying to put any $ number on gold cannot be done because we do not have enough information to plug in. We have no idea how much future money supply the Fed will be forced to create in order to prevent financial implosion. We also do not have any idea how much future debt the US Treasury will be forced to borrow to keep the lights on and try to keep life “normal”. Lastly and most importantly, we have no idea how much gold the US actually has. If the Treasury has no gold at all, would that not suggest a number of “infinity” which is the mirror image of zero? Trying to forecast any true gold price level is a mugs game because of lack of information. We can however do the math on what info we do have and come up with a minimum number as money supply and debt will assuredly not shrink and more gold held than claimed is highly unlikely…THAT NUMBER IS MULTIPLES OF CURRENT PRICE!
To finish, Jason, you as many others, correctly opine the current situation of too much debt and gross derivatives have created a financial bubble which is unsustainable. The aftermath of which will be very ugly. We have both suggested two separate avenues of financial protection. You suggest crypto currency while I suggest gold and silver. You suggest something non tangible with less than a 10 year track record while I suggest something tangible and a 5,000 year track record. If (when) “we” are correct and the credit bubble bursts, no doubt there will be societal upheaval to the point Mad Max is a very real potential. In a world of total chaos I would much prefer to rely on something tried and true for millennia rather than “hope” something new under the Sun will save my family! “Hoping” Mad Max is not the coming reality (and you personally have made a case it can be the reality) is not a plan, preparing for it is…
Lastly Jason, you do truly owe me a public and personal apology. I worked as a broker for 23 years, 12 of which as a branch manager. Never in all those years or since, retiring and leaving the country in late 2006 (good timing?) was I nor ANY of my brokers ever subject to any legal claim, arbitration or settlement. In today’s world, this is nearly an impossibility. While my wife might agree with you regarding lazy, you piss me off and slander me by speaking “my name and dishonest” in the same sentence. I (all of us) was born with only one thing, my good name. I plan to meet my creator with my name in as good stead as possible. I take this more seriously than anything else in my life and why it is best we don’t meet face to face!
Standing watch with elevated blood pressure,