Submitted by Mark O’Byrne – GoldCore
Hugo Salinas Price, Mexican business magnate, investor, and philanthropist and the president of the Mexican Civic Association for Silver, writes today that gold will soon return to its traditional role in the international monetary system.
The current melt-down of the world’s debt bubble is likely to continue in the course of the next months and Salinas believes that the salvaging all debt and derivatives might require a gold price as high as between $22,000 and $50,000 per ounce.
He believes that gold will soon help balance international trade, discipline government budgets, and reliquefy debt that is becoming unpayable.
The secular trend to expansion of credit has morphed into contraction and liquidation. It is my opinion that the new trend is now established and no action by any of the Central Banks (CB) that issue reserve currencies will do anything at all to reverse that trend.
Salinas Price’s commentary is headlined “The Coming Revaluation of Gold” and it’s posted at the civic association’s website, Plata.com.mx, here: