Nick Barisheff is President and CEO of Bullion Management Group Inc. Recognized worldwide as a bullion expert, Barisheff is an author, speaker and financial commentator on bullion and current market trends. His upcoming book, $10,000 Gold: Why Gold’s Inevitable Rise is the Investor’s Safe Haven, will be published by John Wiley & Sons later this year. The BMG BullionBars program provides a secure, cost-effective and transparent way to purchase and hold individual Good Delivery gold, silver and platinum bullion bars.
We recently had the opportunity to talk with Mr. Barisheff about his bold predictions for gold and his reasoning behind said predictions.
Commodity HQ (cHQ): Why do you think gold is going to $10,000/ounce?
Nick Barisheff (NB): Right now the world is focused on eurozone debt and the mathematical impossibility of Germany being able to rescue southern countries, not to mention the highly leveraged German banks that have helped finance their debt bubble. But the bigger story is the USA, where the debt including unfunded entitlement programs is in excess of $120 trillion.
There are three ways out:
Cut Spending: The U.S. government stops spending and printing money it doesn’t have, and the world’s largest economy goes into freefall as is happening right now in Greece, Spain and Italy.
Raise Taxes: With the economies worldwide hovering on the edge of recession and high unemployment rates, raising taxes will further weaken the economy.
Print more money: The government, via the U.S. Fed, accelerates its money-printing, and the U.S. dollar continues to devalue. This doesn’t actually cause gold to go up, but fiat currency to go down against gold, the world’s real money.