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“Physical gold will save those who keep it, as long as governments don’t confiscate it,” said Claudio Grass.
A Swiss-based precious metals market adviser Claudio Grass spoke in a recent interview with RT about the true value of gold, amid analysts’ forecasts for its price increase. According to Grass, the question is not whether gold is rising, “it is always the price of paper money that fluctuates its prices.”
“An ounce of gold is always an ounce of gold. So basically, gold is not going up in price,” said the expert, adding that, when purchasing physical gold, the buyer will have to pay much more than the price of paper.
“I really think gold can go higher, but the price of paper gold could go down to zero because it is a paper guarantee, it is a debt guarantee, it is just a promise,” said Grass, underlining the difference between the price of the gold on paper and physical gold, which represents “a property, an asset, a real good”.
According to the specialist, the coronavirus pandemic has created an unprecedented debt bubble, which, for its part, has generated an overvaluation of the financial markets. In addition, Grass argued that the rise in the price of gold is because the purchasing power of the US dollar and other currencies, such as the euro, is depreciating: “Every time it prints, it degrades the currency.”
Also, the expert stressed that when you buy something, you have to do it while it is cheap, like physical gold, “which is money, everything else is credit.”
“So gold is cheap, and it’s physical, and it’s out of the banking system, and it’s perfect coverage against all the risks in the current financial system “, Grass concluded and assured that” physical gold will save to those who keep it, as long as the governments do not confiscate it. ”
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