Ron Paul: Gold will ‘go to infinity’ because dollar will collapse

In an interview with CNBC on Tuesday, retired Texas Republican Congressman and three-time presidential candidate Ron Paul talked about gold prices and where he sees it heading over the next little while.

Dr. Paul did not mince his words and stated explicitly that he thinks the yellow metal will go to epic proportions because the United States dollar will reach its utter demise due in part of the Federal Reserve’s monetary policy and the growing national debt due to reckless government spending in Washington.

“Eventually, if we’re not carefully, it will go to infinity, because the dollar will collapse totally,” explained the bestselling libertarian author. “As long as we have excessive spending, and excessive computerized money, we are going to see gold go up.”

Here are some other important quotes taken from the interview:

“If you look at the record of the value of the dollar since the Fed’s been in existence, we have about a 2-cent dollar.”

“Gold used to be $20 an ounce. So I’d say the record is rather clear on the side of commodity money.”

“Six thousand years of history shows that gold always retains value and paper always self-destructs.”

Please check back later on for a full video.

Like this article? Get ECN delivered to your inbox daily. Subscribe here.

Comments

  1. I read this article ,it is nice for economical change of Global business . yet I can say
    Guys, trade your Bitcoin for OlympicCoin (OLY) on Mintpal, it is so cheap right now. OLY only has 58million coins in total and you can buy 1million of them right now for less than 1BTC… that means in a few weeks the 1million will be easily worth 10BTC! OLY developers are working on new projects – that’s all you need to know. REPOST to spread the word. Time for us all to get rich!

Leave a Comment