John Hathaway – Bank Failures Moving Gold, This is Contagion

King World News

October 6, 2011

With gold and silver rebounding along with stocks on news of the Bank of England’s 75 billion pound infusion into the markets, today King World News interviewed four decade veteran, John Hathaway, the prolific manager of the Tocqueville Gold Fund. When asked about the BoE’s infusion, how it will impact gold and what other central bank responses will be, Hathaway stated, “This is just more of the same. There wasn’t a whole lot of warning that the Bank of England was going to do this, but I think they are just trying to bail out a leaky boat. We will see the same thing here in the US.”

“Europe is going to print the euro and we are going to print the dollar. We had a bank go down today and France is making contingency plans for a couple of more banks to fail. This is contagion and this will certainly give new life to gold. I think that’s why the gold market has started to come back from this correction.

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