Photo: flickr user Last NYC Hero
(PHOENIX, AZ) Gold prices topped $1,000 an ounce Friday as stocks fell near decade lows and sent investors rushing to safe havens.
Millions of Americans are wondering why gold prices have tripled since 2001, and if this gold rush will continue.
Swiss America CEO CRAIG R. SMITH's insight is based on his 35 years of experience in the gold market, first explained in his book, "Rediscovering Gold in the 21st Century," released in 2001.
"$1,000 an ounce gold signals the world has lost confidence in paper currencies, the federal government and Wall Street. The commodity super-cycle has swept gold prices to triple since 2001 -- but that's just the kickoff phase," says Mr. Smith.
Mr. Smith told CNBC last week he believes gold will rise to $1,200 by the end of this year and around $2,300 in the next few years.
"Gold traditionally does well when people's confidence is waning," Smith says. "They know if they can hold an ounce of gold in their hands that Bernie Madoff is not going to run off with it!"
The era of paper currencies and complicated structured investments is giving way to a new era of tangible assets. Gold is emerging as a preferred asset class in a world drowning in debt. Gold serves the public as a true barometer of public confidence worldwide.
In the 80's and 90's cash was king. But in the 21st century gold became an alternative to paper currencies, zero returns and stock market volatility. A major economic paradigm shift occurred in 2001, and has gained momentum every year since.
In reality, according to Craig, the value of gold hasn't gone up; it's the world's paper currencies that have gone down! For example, between 1792 and 1933 either a $20 gold piece or a $20 bill would buy a fine suit of clothing. A $20 gold piece will still buy a fine $1,000 suit, but today's $20 bill will not even buy a nice tie.
Mr. Smith's RARE OPPORTUNITY educational DVD discusses why gold is rising and offers steps to take before buying and is available at no charge by calling: 800-950-2428
ABOUT CRAIG SMITH: Craig R. Smith is the Chairman and founder of www.OilSolution.org and author of Black Gold Stranglehold, the book written in 2005 that predicted today's high oil prices. As an oil and economic analyst, Craig instantly engages audiences with his common-sense perspective on national and global economic trends. Over the past two decades he has been interviewed on over 1,500 radio and TV programs including: FOX News, CNN, CNBC, ABC, NBC, CBS, PBS, CBN, TBN, Time, The Wall Street Journal, The New York Times, and Newsweek.
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