Today legendary Pierre Lassonde startled King World News by warning, “When you talk about the worldwide slowdown, the central banks are worried about a depression, and that’s why they are printing all of that money.” KWN has been reporting for some time now that the global economy has been rolling over, but Lassonde took it a step further.
Lassonde is arguably the greatest company builder in the history of the mining sector. He is past President of Newmont Mining, past Chairman of the World Gold Council and current Chairman of Franco Nevada. Lassonde is one of the wealthiest, most respected individuals in the resource world, so we take his warning very seriously.
But first, Lassonde had a great deal to say about the gold market: “I was very surprised in the summer that gold didn’t break the $1,500 level. I say that because Europe is really going into a recession, and I felt the lows were going to be breaking the $1,500 (level). But you know what saved the gold market? The central banks.”
“The central banks came in and bought almost 150 tons of gold in June and July, and the gold market never looked back. It was very stable, and it built from there. From here on in it’s very simple, when you look at the Federal Reserve, with QE3, when you look at the ECB with their OMT, which is really the way I look at it, OMG, ‘Oh My Gold,’ because they are essentially going to be monetizing Spanish and Italian debts.
When you look at the Japanese Central Bank, they just announced their own QE3 program. It’s essentially all of the central banks around the world printing money. So what do you think gold is going to do?….
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