Mark O’Byrne, Research Director of GoldCore, was interviewed by Max Keiser about the arrival of negative interest rates in Ireland and Germany, the risk of bail-ins, the return of a rental and property bubble in Dublin, the Irish and global debt bubble and why wealthy individuals and institutions are diversifying into gold.
Key points in the interview are:
– Groupthink in Ireland and internationally with few questioning the “recovery narrative”
– Irish government, like the U.S. and most western countries, is technically insolvent but this is masked by “statistical manipulation”
– Ireland ‘s national debt is €185 billion – down to 91% of GNP – this sounds good but totally bogus as excludes all future pensions liabilities – state and private
– Irish state pensions not included and they alone add another €100 billion – pushes debt to GNP ratio over 150%
– Non state, private pension liabilities in Ireland are estimated to be roughly another €80 billion
– Irish banks weakest in EU as seen in stress tests. Therefore real risk of deposit bail-ins
– Real risk of another global financial crisis given “astronomical” debt levels throughout the western world
– Wealthiest investors and largest institutions in the world, including Lord Rothchilds and insurance company Munich Re, are diversifying into gold
Interview with Mark O’Byrne starts at 12.24 and can be watched here:
Gold and Silver Bullion – News and Commentary
Gold Heads for Monthly Decline as Fed Rate Fears Damp Its Appeal (Bloomberg)
Gold ends at 2-month low as Fed comments fuel dollar’s climb (MarketWatch)
Russian bank Otkritie starts gold bars sales on Shanghai Exchange (Reuters)
Euro zone economic confidence worsens more than predicted (Reuters)
Irish government faces threat of split after EU’s Apple ruling (IrishTimes)
Here’s how the Fed and others will drive gold to $1,700 (MarketWatch)
Gold may be worth more than the spot price (BusinessInsider)
Dutch central bank hides gold bar list to conceal leasing – Suckecki (GoldChat)
Why Britain’s pension crisis will wreck your investments (Telegraph)
Central bankers to governments: Time to spend, spend, spend (MoneyWeek)
Gold Prices (LBMA AM)
31Aug: USD 1,314.45, GBP 1,000.30 & EUR 1,179.19 per ounce
30Aug: USD 1,318.85, GBP 1,008.39 & EUR 1,180.90 per ounce
26Aug: USD 1,324.90, GBP 1,002.95 & EUR 1,173.33 per ounce
25Aug: USD 1,324.50, GBP 1,001.06 & EUR 1,172.98 per ounce
24Aug: USD 1,337.30, GBP 1,010.73 & EUR 1,185.38 per ounce
23Aug: USD 1,338.50, GBP 1,015.25 & EUR 1,181.09 per ounce
22Aug: USD 1,334.30, GBP 1,018.20 & EUR 1,181.26 per ounce
Silver Prices (LBMA)
31Aug: USD 18.74, GBP 14.27 & EUR 16.82 per ounce
30Aug: USD 18.78, GBP 14.35 & EUR 16.82 per ounce
26Aug: USD 18.67, GBP 14.15 & EUR 16.54 per ounce
25Aug: USD 18.50, GBP 14.02 & EUR 16.39 per ounce
24Aug: USD 18.84, GBP 14.23 & EUR 16.70 per ounce
23Aug: USD 18.98, GBP 14.40 & EUR 16.75 per ounce
22Aug: USD 18.91, GBP 14.45 & EUR 16.74 per ounce
Recent Market Updates
– “Why Case Against Gold Is Wrong” – James Rickards
– Obama To Leave $20 Trillion Debt Crisis For Clinton Or Trump
– Gold Bullion Averages Biggest Seasonal Gains in September Over Past 20 Years
– Gold Futures See Massive $1.5 Billion “Non Profit” Liquidation In “One Minute”
– Jim Grant Is “Very Bullish On Gold”
– Germans Warned To ‘Stockpile’ Cash In Case Of ‘War’
– Ireland’s Biggest Bank Charging Depositors – Negative Interest Rate Madness
– Rothchilds Buying Gold On “Greatest Experiment” With Money In “History of the World”
– Gold – “Mother of All Bull Markets Has Only Just Begun” – Grandich
– 45th Anniversary Of Nixon Ending The Gold Standard
– Gold In UK Pounds Collapses 38% Versus Gold and 56% Versus Silver Year To Date
– Will Ireland Be First Country In World To See Bail-in Regime?
– Money “Madness” Negative Interest Rates Sees Gold Buying Surge
