Oil, Gold Rise And Silver Surges To Record On MENA Contagion

03-07-2011 • ZeroHedge.com

Currency debasement on a scale never seen before in modern history continues in the U.S. and other countries. This is leading to a real risk of stagflation and possible even hyperinflation if sane monetary policies are not returned to soon. The fiat currency experiment of the last 40 years (since Nixon came off the Gold Standard in 1971) grows more precarious by the day. Ironically, Alan Greenspan, the central banker most responsible for the cheap money policies and asset bubbles of the last 20 years, has again warned about the euro and dollar being “faulty” fiat currencies. Greenspan again said how gold is the ultimate form of payment and currency (see interview and transcript of interview in News). "What the price of gold is saying is essentially that there are elements within the marketplace which feel very uncomfortable with respect to what's going on generally," the former Federal Reserve chairman said. "It's not an accident that you're finding that central banks are going in to buy gold." Greenspan emphasized that he isn't calling for a return to the gold standard. That's just not doable, he said. "I do think that to get a sense of the stability of the system, watching the price of gold is not too bad." (Bloomberg) -- Barnes Tells CNBC Sees Silver Prices Extremely High Over 3-5 Yrs Peter Barnes, chief executive officer of Silver Wheaton Corp., told CNBC that he sees silver prices going to $50 in two to three years, and will be “extremely high” over the next three to five years and possibly longer.