Financial writer and precious metals expert Craig Hemke says we have not seen this sort of "perfect storm" in the precious metals market since the 1970's when gold increased nine fold until it topped out in 1980 at nearly $900 per ounce. If that happens again, that would put the gold price at nearly $18,000 per ounce. Hemke says, "This whole system is hyper-leveraged by the central banks. So, we have no idea how many owners there are for each ounce of gold. The amount of gold with clear title, we have no idea. What happens when everybody shows up for their gold? If I don't know how many ounces of gold there are, how am I supposed to know what the right price is?"
Known primarily by his nickname "Turd Ferguson," Craig Hemke is the founder and editor of the popular TF Metals Report blog and podcast, covering precious metals, the financial markets, and greater economic trends.