I don’t hear about gold. I lived through the last gold bubble between 1978 and January 1980. The whole world, whether you were in the Middle East or in Asia or Europe or in America was trading London gold, buying and selling every day,” he recalls. “This has not happened yet, and it hasn’t happened. Your friends, the deflationists, have been telling people that gold will collapse to $200 an ounce for the last 10 years and that’s it was in a bubble.
[They] said it [gold] was in a bubble at $500; they said it at $600, and they’re still maintaining it. So a lot of people they don’t own it; they bought it and sold it again. But in the meantime, gold has moved into sold hands.