“The writing is on the wall for the dollar and other currencies. The monetary system is breaking down and central banks are serving their own interests. The return to gold is inevitable,” Jersey-based company GoldMoney founder and director James Turk said at the Investing in African Mining Indaba on Monday.
He told thousands of delegates on the first day of the summit in Cape Town that central banks had been unable to maintain the buying power of different currencies around the world.
“Gold is being saved, not being used as currency. With the way things are today, we will eventually go back to a place where stocks are cheap and gold becomes expensive.
“What we see today is boom and bust cycles. Banks extend credit until they’ve blown too much money. But as JP Morgan said before Congress in 1912, ‘Money is gold and nothing else’. What was true then remains true today.”
Turk said despite its setback in 2013, gold was holding its own against the world’s nine major currencies since the year 2000.
“One bad year after 12 is not the end of the world.”
- Source, Mining Weekly:
