King World News,Michael Pento, Senior Economist at Euro Pacific Capital commented when discussing the move in gold and silver today with King World News, “M2 could move from 8 trillion to 20 to 30 trillion dollars!” On the final day of August we have gold and silver on the move with gold spiking $11.50 in intra-day trading, while silver is up 25 cents at $19.30. Gold is on the verge of another all-time high while silver is just $2 from its 2008 high. Many professionals still remain shocked by the strong action of both gold and silver in the waning days of summer.
Michael Pento, who recently joined Euro Pacific Capital as their Senior Economist stated in a phone interview with King World News, “Bernanke came out on Friday and said he was even willing to use unconventional methods. Basically what he said is that he will print enough money and do whatever it takes to get the money to the American public and create inflation. This could blow up the M2 money supply by several factors. It could move from 8 trillion to 20 to 30 trillion! This won’t happen overnight, but clearly Bernanke wants that money multiplier to expand. This is why gold refuses to go down and continues it’s advance unabated.”
KWN readers should keep an eye out for unconventional moves by the Fed going forward.
To hear today’s King World News interview with Michael Pento CLICK HERE.
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