Peter Schiff’s Official Gold Blog

Americans don’t hear a lot of news about the precious metals industry in the Middle East, even though 20% of the world’s gold supposedly trades through Dubai. In this video, Peter Cooper of ArabianMoney.com gives us a peek into “the city of gold” while interviewing participants at the second Dubai Precious Metals Conference this last weekend. Here’s Cooper’s summary of investor sentiment at the conference:

“On balance the generally fairly skeptical Dubai Precious Metals Conference audience voted in favor of the bullish case. That would mean a renewal of the upward momentum that has been stalled for the past 18 months with prices moving lower and sideways.

Still the main drivers of the gold price have not gone away although the financial world does seem better at absorbing shocks. What does it take to send gold higher? A strike by North Korea? Another crisis of confidence in financial markets? Or just a proper consideration of what $1.4 trillion per annum in money printing from the Bank of Japan means for a money that cannot be printed?”

In an excellent interview on CCTV’s Biz Asia America, Jim Rickards, author of Currency Wars, succinctly and clearly explains the coming crisis that will result in a collapse of the US dollar and a remonetization of gold.

“We see China acquiring gold, we see Russia acquiring gold. Russia’s increased its gold reserves 50% in the last four years. China has officially doubled theirs… Germany is getting their gold back from New York… We’re seeing the slow-motion remonetization of gold. That’s a loss of confidence in the dollar.”

Appearing on Bloomberg Television, Barratt’s Bulletin CEO Jonathan Barratt remains bullish on long-term gold prices even in the face of bearish sentiment.

“There could be this lift in inflation, which the market is monitoring, but hasn’t really focused on… To me, that will be one of the primary movers. We are not producing the goods we are consuming, and that’s clearly implicit in the fact that our inventories continue to build. As a result of that, price pressures will be to the top side. So keep an eye on the net inflation side and I think that will be a driver for gold to trade higher.”