Peter Schiff: Cyprus bankster bailout is bullish for gold

Peter Schiff has released a new video blog about the Cyprus bankster bailout where bank deposits will be taxed by the Cyprus government in an agreement with he International Monetary Fund.

He suggests that the bailout will be bullish for gold as there will be more fear about the safety of having cash in banks and people will seek safety in real money that the government cannot touch.  If the people of Cyprus were holding gold in safety deposit boxes rather than cash on deposit, they would be immune from the government’s confiscation of savings.

Indeed this bailout does set a precedent, as normally bank deposits are never touched in a bailout and instead taxpayers usually end up footing the bill, as we saw with the massive bailouts of banks in the U.S. during the 2008 financial crisis.

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Comments

  1. The Gold & Silver prices are rigged, it doesn’t matter when disasters like Cyprus happens, they’ll just create Gold out of thin air like they do with the worthless paper money.

    A big Gold & Silver investor doesn’t actually get to his his/her gold they’ve bought, all they get is a guarantee on a bit of toilet paper, so the big Gold issuers can just say they have Gold, most of it on the market doesn’t exist.

    The Market is RIGGED.

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