“Gold is exceptionally undervalued at current levels and there’s imbalance between supply and demand.”
Turk added that another potential global crisis was brewing because of the mountain of debt that could not be serviced. Interest rates were rising in many countries, worsening the debt burden.
“Debt continues to grow and interest rates are rising. We’re facing a situation where the Federal Reserve will have to continue tapering or tell the US government it doesn’t have money to spend.”
Turk, who recently published his book The Money Bubble – What to do before it pops, said the US dollar was likely to lose more buying power and was heading for a hyper inflationary environment.
“We are in a fear currency bubble,” he noted, adding that the African continent needed to make the most of gold as an asset.
“Gold is one of Africa’s greatest competitive advantages. Fifty per cent of gold mines are from Africa, with the lion’s share from South Africa.
“Africa needs to serve its own interests and take the lead in returning to gold and recognising it as money,” Turk pointed out.
- Source, Mining Weekly: