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.”
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