Gold to Skyrocket as Italian Rebellion Unfolds
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(June 1, 2018 - by Daniela Cambone)
There is currently a wave of populism riding in Italy that is sure to bring more volatility to the markets, and with financial unrest comes a surge in gold, this according to Frank Holmes, CEO of U.S. Global Investors.
There is currently a wave of populism riding in Italy that is sure to bring more volatility to the markets, and with financial unrest comes a surge in gold, this according to Frank Holmes, CEO of U.S. Global Investors.
"There is an anti-establishment vote taking place. Taxpayers [in Italy] are fed up with socialist government bureaucrats and there’s a pushback against them, just like the British did against the unelected E.U. ministers dictating what polices are for the Brits," Holmes told Kitco News.
"There is a rebellion taking place, and that is good for gold," he added.
Holmes said that Italy is experiencing a contagion problem around the buildup of debt that originated with the 2010 debt crisis.
"In 2010, the concern was that most of the bad loans in Italy and Spain were owned by French and German banks, and the E.U. since then has escalated by 300% owning these bad performing loans," he said.
Mounting non-performing loans mean that credit default swaps may rise, and banks may opt to buy gold bullion as a hedge against market risks.
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