Ratings agency Moody”s warned today that it may downgrade the Triple-A rating of France, England and Austria. And they DID downgrade six other nations including Italy, Malta, Portugal, Slovakia, Slovenia and Spain.
As the sovereign debt crisis continues it strongly suggests inflationary pressures on worldwide currencies.
In nearly all instances of inflationary pressures the flight to safety in precious metals sees price increases.
Max Keiser, who hosts the news program “Keiser Report”, is forecasting $500 an ounce silver prices in the next 5-10 years. This would represent in excess of 1470% gain on today”s pricing. While this number seems unbelievable; in 2001 no one would have believed silver would be north of $25 per ounce.
With gold and silver on a decade long bull market this news should only extend that bullish behavior of the yellow metal… but silver perhaps will see even more significant gains as it has far more industrial use in addition to its longtime uses as a currency.
All opinions are of the blogger alone and do not necessarily reflect the opinion of Birch Gold Group.