JPM: "Things Have Gotten Out Of Control: People Have More Confidence In Gold Than In Paper Money"
By GCRU Gold News on Thursday, February 11 2016, 22:19 - Permalink
There is a serious credit contraction underway, I think Yellen should acknowledge that. I think she has to look at the capital base being wiped off the banks in this downdraft and equities: that's not supposed to be happening right now. They're supposed to be bulletproof, and oh, by the way, gold at $1,200 an ounce, what does that tell you? It tells you that in a flight to quality, in a safe haven, people have more confidence in gold than in bank deposits or paper money. I think things have gotten out of control."