get take his gold take their gold but italy has twenty seven hundred tons of gold it's a really big position and i make this prediction china never really came to the aid of grace they have not come to the aid of anyone in the eurozone but they will come to the aid of italy in exchange for gold i make that prediction but before we're on next week that will be definitely in play china a italy for gold according to this c m b c chart from september italy's gold reserves with the fourth largest in the world they held two thousand seven hundred one to. suns which was valued at one hundred fifty seven billion dollars now if you add that into the two point six trillion in debt that means that gold would have to be revalued to between twenty five thousand and thirty thousand dollars an ounce to clear their debts completely and i think that's something that you and and democrats have come up with as a number that's that's where gold is headed to clear the global debts it's going to be north of twenty thousand dollars old dollars an ounce but the thing about china and italy is that china wil

take their gold it was precisely designed like that that's right italy has their own gold by the way unlike germany where sixty percent of selden new york you know if they go after italy's gold to buttress to euro bond this will trigger germany's panic of their own gold which is held in new york and that we're going to see even more tension between germany the u.s. and the u.k. the animosities from world war two of course are still festering and the other thing is you said that if a gold backed euro bond i think that's a way to steal the gold of europe instead a better method for italy would be to drop out of the euro and have a gold backed currency and gold backed lira that would be a way better a strategic move on their part for in the currency wars of course that's why they very quickly put in this guy monti to run italy big instead of having somebody who is a sub who is representative of the people's interest remember his nickname is three card monte he likes to shuffle the cards around and high the money and steal all the money because he's a charlatan and of course i mean the f

enough gold at seven thousand dollars an ounce in other words the same quantity of gold will support any amount of underwriting transactions depending on the price so what i've recommended is not that we do anything you know what immediately but have a have a commission a bipartisan commission had experts study it for four or five years it took ten years to create the euro from one thousand nine hundred to two thousand and one and study go for a few years and then load the variables how would you think about this i don't know the answer but i think i've got the questions right first we have to define what money every every gold standard is a relationship between paper money and gold so what amount of paper money was it and zero which is base money is it and one. is it m two one two is about six times bigger than one so that makes a big difference right there but how much gold backing do you need you know the gold bugs say one hundred percent that's on the surly true great britain round with twenty percent the united states around with forty percent so you've got choices there and the

dollar is backed by gold thirty five dollars an ounce and then nixon stops the converter go into gold in one thousand seven. what in the world has been on a dollar cysts standard since then so we've gone from on baby steps from gold to personal go back into less gold backing to no gold back in work where currencies are all backed by ious bonds well every thirty to forty years this falls apart now we've got to go back to something from nothing if the central banks are going to use their gold to back debt what are they going to have wef when the world monetary system sees this next shift i think the countries that do that are going to being broke in the countries that still have some gold are going to end up being very rich right now and china's you know that they're massively importing galled and it seems to be a bit of a wealth transfer going on from the west to the east and here concur with that what are your thoughts absolutely this is part of something called the five hundred year east west cycle. every five hundred years roughly prosperity and technological advancements shift from

where the price of gold was as something for the best of gold was twenty dollars and sixty seven cents announced on a day where the dow was at forty eight point two two points forty forty the dow jones was at forty boyo that was a good day to be along the dow but it was so you're the one to one parity using this rule of thumb you're saying gold what about jones at approximately eleven to twelve thousand ounces let's say the dow jones comes saying and we have a one for one parity anywhere between five thousand and ten thousand on the dow kind of is that what you're saying yes we go into a big piece lation maybe gold pieces three thousand dollars an ounce but the dow will be fifteen hundred i believe you're going to see well they were gold will be double the points of the dow because simply because if you look at the dow all ratio it goes into a. well and then it overshoots to the opposite extreme it goes into a bigger bubble overshoots to further to the other side and then we went into the biggest bubble in history recently and his reverting now it's down to about seven ounces of gold f

before nixon closed the gold window and that's the long the gold bull pool was about and it was about the suppression of the price of gold because the central banks in the governments didn't want the markets to push up a price and to expose kind of the money printing that was going on during the sixty's what do you think is the analogy today is there an analogy and what sort of market manipulation do you see by governments as a go bag as a president of the price of gold what any kind of indicator of it shows what the government of the government are doing as far as these currency wars are concerned . it's a good question to you there's always been a private marketing gold in addition to the gold standard now the classical gold standard of the eight hundred seventy s. the private market in the public market with the same because countries were responsible and they managed their currencies in such a way to maintain the price of gold we come forward to the one nine hundred sixty s. what was happening was the official price ago it was thirty five dollars an ounce but the private market wa

would be to drop out of the euro and have a gold backed currency and gold backed lira that would be a way better a strategic move on their part for in the currency wars of course that's why they very quickly put in this guy monti to run italy big instead of having somebody who is a sub who is representative of the people's interest remember his nickname is three card monte he likes to shuffle the cards around and high the money and steal all the money because he's a charlatan and of course i mean the f.t. does know that this plan of backing the euro bonds with the nation's gold it might even backfire as investors wonder if the losses could exceed the twenty percent covered by the gold of course the losses will exceed twenty percent because the plan is to take the gold yes of course ultimately the kleptocrats just want to steal the gold because they realize that in this day leverage world of collapsing fear currencies he who has the most gold wins and the central banks of course are aggressively buying gold for the first time in forty years with that germany of course has the biggest g

ways that you can own gold. the pyramid is the most risky form of owning gold which is the likes of futures and options which are very hardy bieber's highly suspect risky instruments then as you come down the pyramid you have junior gold mining stocks will be open and the cull are the pyramids and then comes the mid level of pyramid you have likes e.t.f. solutions just been introduced around that time and then very firmly but on the pyramid at the base that's that's where it is more safety so then you get into the visual goals and you get into the personal allocator canvas and then at the very base of the pyramid which is your open foundation is actual physical hootie and you can do every physical volume and we have for a long time about the pain of that is you know there is a lot of counterpart we risk in the world and the whole point of owning gold's reporting is that you try to reduce i can't argue risk. dissident graphically illustrated by recently which was the church journal so i am saying what have you be

to partial go back into less gold backing to no gold backing were where currencies are all backed by iou spawn's well every thirty to forty years this falls apart now we've got to go back to something from nothing if the central banks are going to use their goals to back debt what are they going to have left when the world monetary system sees this next shift and i think the countries that do that are going it be broken the countries that still have some gold are going to end up being very rich right now china's you know they're massively importing galled and it seems to be a bit of a wealth transfer going on from the west to the east and here you concur with that what are your thoughts absolutely this is part of something called the five hundred year east west cycle. every five hundred years roughly prosperity and technological advancements shift from the east so the west and mice first a lot of people don't believe in the five hundred year cycle some do i just say that people can feel it happening today and wealth is being transferred to best direction in regards to gold you know f

we were putting more receipts for gold or claim checks for gold in circulation then gold the currency was the paper that circulated the money the real stuff was in the fall stuff of intrinsic value that fell apart during the great depression because it was a very poorly designed system it was a manmade system it fell apart and they came up with the bretton woods system from one nine hundred forty four to seventy one and there there was no reserve requirement you could print as many dollars as the u.s. wanted to print and only have a certain amount of oil all the other countries on the planet would back their currencies with u.s. dollars and the u.s. dollar was backed by gold thirty five dollars an ounce and then nixon stopped the converter to go into gold in one thousand nine hundred seventy one and the world has been on a dollar sists standard since then so we've gone from on baby steps from gold to personal go back into less gold backing to no gold back in work where currencies are all backed by ious bonds well every thirty to forty years this falls apart now we've got to go back to

venezuela asking for their gold or . when the rest happens i mean i think because the gold going like this and this mess and then suddenly bam you know it could be a gap up days where you see the price of gold go up thirty percent or even double you know you wake up in the morning the prices double what it was last time well certainly is even further into a ball market you have different dimensions of that market a current. and that kind of volatility i think is to be expected now speaking of wealth transfer set since september twenty ninth in the us six hundred fifty thousand customers have transferred four point five billion dollars out of big banks into credit unions and community banks how much more impact on the fraudulent banking system would this protest have made it each of these six hundred fifty thousand customers had bought just one ounce of silver well you know this over market i'm not sure deciders of it right now are used to be this over market was one three hundred the size of the gold market not my unders

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once they buy gold they have gold. >> the effect on the market is of a buy gold, they are not gettingks. there are wild gyrations in the market. >> if we have the euro collapse, they will not be able to go to gold. if they buy gold, it is expensive. the largest gold reserves in the world are still in fort knox. >> are not sure of this is a function of our economic times but the isolationism seems to be increasing in this country. america sometimes draws in on itself. we sought in the 1930's and we see it now and not sure if it is necessarily a good thing. people have their own lives to worry about and don't want to be concerned about other countries. >> this is quite dangerous which is when you come to believe in america unexceptionalism, that the rules of the economies and war do not apply to us because we are different. >> there was some is to support that up until -- the world economy has changed and we are connected in a different way. the way that many people in this town think about it is europe has problems and we have problems but most of our problems -- this is a very america

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the new modern day gold rush. these jewelry at thesesome of prices today. 7 on your side's michael finney is here to tell you how to get the best possible price. >> and the man who is about to take responsibility for losing a half billion dollars in taxpayer money. >> plus, retirement delayed. the age at which most people are now leaving their working days behind. >> and then later on "nightline." >> i'm cynthia mcfaden, carolyn and dan, coming up on "nightline," a mother whose son was adopted by jerry sandusky speaks out saying her son was uh -- abused. and from beyonce to britney >>> with the price of gold sky rocketing, it is tempting to dig through your jewelry box and sell the pieces you no longer roof. >> the price has gone through the roof, but how do you get the best price? michael finney is looking into this, and he is here now. >> the holidays are coming now. a few extra bucks is nice, but it is not a good idea to take your gold and walk into a random store fronts. to get the best price you need to know

bullion that means gold is a currency in china in this country if you have a gold coin and you hold it for let's say year and it goes up twenty five percent and you created for something else let's say a piece of furniture you've got to pay taxes on the game a lot of taxes in china no such thing in china they have machines where you could put in literally a debit card and get a small amount of gold a sliver or get up to one hundred forty thousand dollars worth of gold and they have guards it cetera china is encouraging almost taking their populistic can relate as much gold as they possibly can because they see it they see commodity scarcity and as long as commodities are scarce gold is going to be the only currency that will be able to ration these commodities will be able to say who gets this and who gets that if you don't have gold you're really going to be out of luck that dollar is not going to be worth a whole lot of dollars going to continue to lose value regardless of what. we are out of time but that was dr levy author and chief investment officer. all right we've gone throu

yes to live no to gold. for the first time people living in the nearby city of america join the farmers to defend mount killings was freedom for those under arrest was. here they are these are the ones who will always fight. the. now we have no more fear was was was was. was. in general i just came out of a meeting with the city's councillors. you i saw the protest in the main square and the police harassment going up and i didn't participate in the protest part of the people in meeting is that. i came to get a fax from the minister and saw all the police beating people and throwing tear gas and. noise give us the i'm going to address the crowd and tell them to remain calm. because you're going to thanks general please restrain your offices now you know i'm going inside to see what i can do to get with him most of them yeah thanks general good bye they're going to step outside now i'm going outside. there will be . they threw me in i already spoke to the minister. the weights listen to me listen to me i know

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the dates on gold versus silver. it's a better intro to the gold standard than records currency war it's come on he's. earned the first five blows is that for the first time ever nouriel roubini picked a fight with the guys it's zero hedge. the stall war. wasn't all over a business insider so he has a history of kind of going kind of ballistic on people so he was kind of ballistic on jim rickards here and he's got a problem in general with people that are a fan of gold i don't think he much gets it remember he called it a bubble one hundred thousand one hundred dollars an ounce and said that jim rogers call of two thousand was utter nonsense there were less than two hundred dollars worth of. so you know i think i don't think he understands it i mean he's a smart guy he got the housing bubble right he understands the credit but he has a real problem for standing what the role of gold is and he i think that. is one example of paper but he thinks that central banks and banks in general should have the ability to have a