Greece, Elephants, China’s Gold Buying Spree
David Morgan, AKA The Silver Guru, is asked about the Greece financial disaster and what his opinion on the possible fallout might be. With that David talks about Greece, Elephants, China’s Gold Buying Spree. David feels that it could be the start of a domino effect. At this point in time there was some thought about Greece exiting the Euro Zone. David feels there are going to be big problems in the financial system going forward. David makes that analogy of viewing individual parts of an elephant that has skin cancer through a small narrow opening that only allows you to see one particular part of the elephant. So if you were just looking at a foot for instance and we will call it Greece and come to the conclusion that is the only part of the elephant that has cancer you would be mistaken. Because if you changed your small window to the other leg and saw some skin cancer there and concluded that was the only area of the elephant that had skin cancer you would be wrong. Because if you pulled off the entire curtain to reveal the entire elephant (the financial system) you would realize that there was skin cancer all over the elephant.
David talks about China’s gold buying spree around the world. They are buying both above ground stocks and future gold production. David would not be surprised to see a gold backed currency in China’s future..
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