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John Williams: $8,890 Gold, $517 Silver & Hyperinflation Update

Tuesday, February 21, 2012 0:22

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John Williams, of Shadowstats, discusses some extraordinary prices for gold and silver as well as giving an update on his hyperinflation watch. Williams also says that there is no recovery in the economy and inflation is picking up steam. Here is what Williams had to say about the situation: “Hyperinflation Watch: The upside pressure on oil prices, at the moment, largely is from escalating political tensions in the Middle East, not from significant new weakness in the U.S. dollar. Risk remains high, though, of a sharp sell-off in the U.S. dollar and dumping of dollar-denominated paper assets, particularly as the euro area crises come to head and the damages are absorbed, in due course, by the global financial system.”

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John Williams continues:

“There has been no change in the underlying fundamentals. There is nothing that would support a sustainable turnaround in retail sales, personal consumption or in general economic activity. There is no recovery, just general bottom-bouncing. Accordingly, real retail sales levels in the months ahead should become increasingly negative.”….more

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