Caesar Bryan continues:
“I think the 70s situation was somewhat odd because we came off of a fixed ($35) price for gold. There had been no free market in gold and so there was all of this price discovery going on in the 1970s. That bull market ended with panic buying and there is going to be panic buying again at some point in the future. That’s what’s going to happen.
Somebody put it so neatly to me the other day, they said, ‘Look, since 1971 the gold price has gone up 50 fold. The price of gold could double and triple from here quite easily.’ Put into that context you think, yes, especially bearing in mind how much money is being created. If you look at gold relative to financial assets, gold relative to total M3, gold is very undervalued.
We will quite possibly eclipse the mania many of us witnessed in the 70s....