Gold Backwardation Like This Has Never Happened in History

USAWatchdog  April 28 2014

Gold expert James Turk says the Ukraine crisis can affect the price of gold. Turk says, “Whenever there is global tension, people go to safety, and one of the greatest safe havens of all-time has been gold.  It’s been money for 5,000 years, and it’s still money and still a safe haven because it’s money that doesn’t have counter-party risk. . . . 

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Gold does respond to geopolitical tensions, and I must admit the situation in Ukraine is getting more serious.  I would not be surprised if the tensions continued to rise.”  So, could this be a trigger to cause distress in the global financial community?  Turk contends, “Yes, it really could.  This could blow out of proportion very quickly, and it would be much more serious than what happened in the Balkans where there was a shooting war.   Continue reading