Gold Higher by End of Year-Yra Harris

By Greg Hunter’s USAWatchdog.com

Yra Harris is called a “trader’s trader.”  He says the latest deal on Greek debt is just “pretend and extend. . . . The real problem is Spain because they’re big, they’re in debt and they have 27% unemployment.”  Everyone in the Western world is dealing with the sovereign debt mess by printing money and suppressing interest rates.  Harris predicts, “As long as real yields are negative, of course, gold is going to go up.”  Harris is afraid inflation could get out of control and says, “It’s like being a little pregnant, you can’t really control it.  Nothing destroys democracy like inflation–end of story.”  If Democrats and Republicans can’t reach a deal to avoid the so-called “fiscal cliff,” then Harris contends, “Deflation . . . is bullish for gold because everybody knows what the central bank will do to answer the call . . . the Fed will become that much more aggressive.”  No matter what, Harris is betting that “gold will be higher by the end of the year.”  Join Greg Hunter as he goes One-on-One with trading legend Yra Harris.

Comments
  1. Mitch Bupp

    Great topic, “Extend and pretend” is a great way to describe the central banks are trying t deflect the current economic problem. The FED is blinded by a false ideology that because the dollar is NOT pegged to gold that the consequences of inflation are a manageable. This is a systemic thought problem where the FED is blind by “Can’t see the forest for the trees” thinking. Gold like any other commodity is money; it has value; It has a history of being “money”

    I find it amusing that the FED is suppressing gold just by just maintaining the attitude that “Gold is not money” ……

    Thank You, Yra and Greg for this timely information.

    The FED is just upset that their ponzi is coming to an end and they are busy trying to figure out how to maintain their monopoly on money…..

    The classic ponzi is unraveling and denial is in the wind. Denial not that the economy is unraveling but that the current economic model is a classic ponzi!.

    • Greg

      Mitch and JC,
      Thank you for your comments. I will have Mr. Harris on again. That’s for sure.
      Greg

  2. jc davis

    Greg. After watching this interview 3 times i realize Yra Harris could be the smartest man in economics. Id be interested to know what Yra Harris has to say about the use of the SDR, mixed with Gold,and the RFID chip. Im convinced soon these three mixed will be used as the world curency controled by the IMF. The bankers caused this mess with a plan in mind…Yra Harris would be able to best guess what the banksters plan is. The main streem media will never ask the questions you do. Thanks.

  3. Mitch Bupp

    Hi Greg, Have you ever seen, “Countdown to Looking Glass” 1984

    “Docudrama uses fictional reports of a crisis in the Middle East, which leads to a nuclear confrontation between the US and the USSR.
    “Looking Glass” is the code word for the Strategic Air Command’s control plane which is to be used in the case of nuclear war.”

    This docudrama started with a “debtors default” of countries around the world.

    http://youtube/yDwD4ns2gWA

  4. JoeJustJoe

    Nice! Anyone who followed me into GLD Dec 165 puts banked their “double your money” as I promised. Also, my VIX trades worked out nicely as the SPX did break below 1390…once again as “promised” at Greg’s second to last blog before this one. I am still holding a small position in UVXY n VXX Dec 31 calls but I anticipate going “all out” today or tomorrow. Once again, folkes, when the market gives you opportunities to double your $$$ in a matter of days please!…take advantage of it. :-) Not sure if I will have any long positions forthcoming in the gold sector but if I do I will let you know. I do hold a small long position in a uranium stock tho…thisn here >>> URRE. OK, I’ll let you folkes get back to spewing about things that really don’t matter as far as making money in the markets. Have a GREAT day one and all! *-)

  5. Stephen Bobkin

    Greg

    You are a bright light shining in an otherwise dark world! Keep up the good work. MSM has nothing on you, you have all the goods to keep us informed.

    Be well and all the best for the Holiday Season.

    Stephen

    • Greg

      Thank you Stephen you are very gracious and kind.
      Greg

  6. Mickey

    For all of the non traders out here, how we know when it’s time to make that trade out of silver or gold & into what, dollars? Many say this is not like the 80′s & gold will not fall like it did then, it gets more confusing daliy how to survive the huge change coming, I hope someone has a answer to this question!

    Thanks again for for all you do!

    • Greg

      Thank you for your comment and support.
      Greg

  7. JoeJustJoe

    BTW, Greg, I listened to this guy Yra Harris and like every other goldbug out there he is failing to acknowledge that the “real” market is already beginning to discount the inflationary aspects of Bernanke’s big money drop. Mr Harris “whistled past the graveyard” and explained that the late 2011 drop in gold was due to Paulson’s (yet another completely clueless goldbug) forced liquidations. And gold is now trading well above those levels. All that is at least partially true. But Mr Harris then went on to mention that Uncle ben Bernanke told us he will continue to attack collapsing equity markets and it means gold will continue to move higher. That’s the part none of the goldbugs will figure out until it is too late. This is the third round of quantitative easing from the Fed. Gold is NOT continuing to make higher highs. You need to get me on as one of your guests so that you guys will “finally” see the way it “really” is :-) Actually, I’ll keep ya posted with all the great trade opps like I have been doing the past 30 days or so *-)

    • Greg

      JoeJustJoe,
      I’ll bet Mr. Harris has made more in a single day than you have made in your entire trading career. You do not know what you are talking about when it comes to Yra Harris. By the way, what are your credentials? How long have you been trading and what kind of money have you made for yourself or for clients? My credentials are listed on this site. And by the way this is not a trading site and it never has been touted as one.
      Greg

      • JoeJustJoe

        Well, my bets for the past week were actually quite small in the options markets. I had options bets on VXX calls, RIMM n GLD puts. Plus I owned 300 UVXY shares. I sold most to all positions and banked $1500 in gains for the week. I am once again now building positions in the VIX products because the next wave of selling in the markets will lead to new lows for the year. I’ll let the trades I bring to you be my credentials. I let my outlook go “on the record” and over time we will see who is right and who is wrong. But so far there has been little doubt about who has been right about the gold trades. I don’t anticipate taking any postions in gold related trades here but if one was to venture in I would say buying DUST again would be the way to go. Simply wait for the HUI to trade thru 463 or so and buy DUST. The “concept” for the gold trade is pretty simple actually. Here it is >>> As the market goes…so will the gold trade…as far as the eye can see *-) BTW, how much money somebody runs for somebody else has nothing to do with one’s credibility. I mentioned Peter Schiff before also. Ask his clients how they felt about his advice back in 2008. I’m surprised anyone would even listen to that moron now. Again, my call on the gold sector is to buy DUST once the HUI trades thru let’s say 463. I’ll let ya know when I short physical gold again *-)

  8. Charles Savoie

    I want to state something without being interpreted as bitter about it. My sense is that most metals investors agree there has been a vast collusive effort encompassing several national governments to collapse prices, to cap advances, to naked short mining shares, in order to maintain confidence in the “money” they issue. How could such a vast endeavor be coordinated? The best answer, and one that is nearly never seen expressed, is “membership organizations.” Some are publicly visible, like the Economic Club of New York. With collaboration in locating leaked lists from European researcher Joel Van Der Reijden (see him on Google) I assembled a documentary presenting overwhelming evidence that major metals suppressing personalities are members of a London/New York group calling itself “The Pilgrims Society.” The documentary, 460 pages, has not been challenged as to correctness; The Pilgrims Society, which includes top attorneys in Wall Street like James Zirin (Amerada Hess oil and gas fortune) has not filed any libel suit against me; demonstrates that the President, who can order metals nationalization, and did so in 1933-1934, is in their vest pocket; Paul Volcker, a Pilgrims VP, is Obama’s top economic adviser, and caused the Hunts to lose 59MOZ silver by 1986; et cetera; has received coverage by well known sites like Silver Investor and Bullion Bulls Canada; and yet, many well known sites continue to ignore the findings. Friends, I have nothing to sell, it’s a nonprofit effort. I’m trying to protect your property rights! The best way to do this is to demonstrate that the top string pullers all belong to this “Pilgrims Society” and to drag it into the light of day. With enough public awareness of them, I feel they won’t dare risk jerking Obama’s chain and have him issue EO nationalizing YOUR precious metals! This isn’t about any popularity ratings contest; it isn’t about suits and ties; it isn’t an “us four and no more” thing. It isn’t about some commentators blowing kisses at each other. The Pilgrims Society exists to make us poor, because it’s patterned on medieval feudalism; they intend to deny your gains to you! This engine of exposure is not firing on all cylinders because some major sites REFUSE to cover it! Why should it be disregarded that the gold and silver suppression traces to this one group? Make me prove it, read The Silver Stealers. A Congressional investigation of The Pilgrims Society I assure you would meet with more ferocious opposition than a real audit of (their) Federal Reserve. The threat to your metals/shares comes from this British Crown sponsored group!

  9. AndyB

    Greg: no one should be comfortable about calling the timing on the gold price; especially given the manipulation that has been allowed for the past 20 (40?) years. I do get the feeling, however, that the “can” being kicked by the FED, the PPT, and the bullion bankers is running out of “road”. The catalyst may well be the questioning of vault holdings which is starting to gain steam, but it may take at least a few years to play out. The one thing that I would bet on is that we will never again see $1500 gold in my lifetime; we have already passed peak gold and future global production, unlike future demand, will decline YOY

  10. David Johns

    Yra Harris says gold will be higher by year end. Guess what? Gold has collapsed over $30 per ounce less than 24 hours after this interview. Harris doesn’t have a clue where gold will be trading by the end of the year. Nobody does.

    • Greg

      David,
      He didn’t say by the end of the day, he said by the end of the year. You are judging Mr. Harris by just one day? That’s your time horizon? Harris is a big picture guy with a track record to back it up. Thank you for weighing in.
      Greg

    • Paul Correa

      Dropping 1.2% is hardly ‘collapsing’.

      • Greg

        Paul,
        I’m betting Harris is right. With $85 billion dollar a month “open-ended” money printing and 0% interest rates I don’t see how it goes down much. The downside risk is nill but gold could stall here. We will see in about a month. Thank you for the pointed comment.
        gre

  11. Stuart Laake Sr.

    Former E.F.Hutton broker and top2% club Currently own 2 companies and looking for another….Gold/silver are simply “peace of mind” transactions….My clients ALL have gold & silver both physical and mining shares..For the last 3 1/2 years Buying gold and shorting stocks has worked to perfection and TODAY it looks as if they are starting to UNWIND their positions selling gold and buying back their stocks…today they ( PTB ) sold gold and bought gold/sil stocks.;…we’ll see but triple NUGT was up when gold was down 25.00 never has happened before Prec.Metal Stocks are the way to go for the rest of the year…Good Luckfrom the “Silver Fox”

    • Greg

      Thank you Silver fox for the sharp anlaysis. As I said earlier, “With $85 billion dollar a month “open-ended” money printing and 0% interest rates I don’t see how it goes down much. The downside risk is nill but gold could stall here. We will see in about a month. Thank you for the pointed comment.”

      Greg

  12. james b

    pls explain to me why almost all of these professional writers continue the same mantra…”within two years or so….” if they can’t
    be precise (which i fully understand) then why persist with the same
    futile jargon?

    • Greg

      james b,
      To be fair this collapse is really a process. The U.S. has been in collapse mode since 2008. The powers that be have stopped the bloodletting temporarily with 0% interest rates for the big banks and phony accounting allowed by the government. I am talking about the FASB April 2009 rule change that allows mark to fantasy accounting for underwater assets. What do you think Qe 1, 2 and 3 are? The Fed is printing $85 billion a month. Half of that is to buy “toxic” mortgage-backed securities from the banks. The U.S. economy is $15 trillion and currently is the keeper of the world’s reserve currency. I am describing one big ship with and turning it is a “Process.” What we are experiencing is the end of the current monetary system. This one is bulging with debt and the debt must be written down or inflated away. Either way this is a process and to pick a day when all hell will break loose is a little small minded. By the time we reach that turning point where someone correctly predicts “This is it.” It will be too late for you to do anything but go down with the ship. Many will never recover from this death and birth of a new economy. The unprepared are doomed to (at the very least) be poor for generations. Don’t be one of the unprepared. That’s the point. Thank you for the comment.
      Greg

  13. Liquid Motion

    Greg,
    Harris mentions the “debt repudiation” option in front of the Fed with regard the obligations of treasury. Funny thing I mentioned the exact same thing early last year on another popular blog. If they can create money out of thin air …the debt by the same virtue..is worthless as well. They net out each other(on the balance sheet of the FED)…but as you say…that has deleterious effects on the Dollar as the reserve currency.
    Once done however, will allow for substantial economic growth….as an example look to other nations that have done so recently ….this just means that the US will be more accountable for its own GDP in succeeding years without the ability to grow through credit expansion.

    On the subject of Gold…Harris does the honourable thing and doesnt put a “price tag” on gold for year end. Thats a mugs game in my view. In simple reality if you want to follow trends…look at what the price of gold has done for the last 11 years. Every year its appreciated (even 2011). Gold will continue to do so (even in a market that is so distorted and manipulated)until real interest rates are positive. Its a fact that like everything tradeable, it will have cycles of up and down moves. When the fundamentals are weighed in its favor however, as they are with Gold in abundance, then there exists a Secular Trend. That trend remains unbroken. People need to be mindful of the process of price appreciation. Its not an overnight development, its gradual…until there is panic and fear and then you will see the parabolic moves. What will trigger the panic and fear….anyones guess amongst a myriad of issues. When does it arrive….some say 2014…or 2015. I think we are in a trend that will last until the end of this decade (for physical gold/silver). Dont expect the market to telecast what is happening either. There is no market (true price discovery)anymore. The key is to keep the chart of the gold price for the year 2001 onwards close at hand. As long as it stays in the upward channel you can disregard all the market gyrations….”The Noise” as I like to put it.
    J.Sinclair says ” gold is going to and through $3500″. I tend to agree however its doesnt stop there. That is the # 3 Major. #5 will take it well beyond $5000. The time frame for that is towards the latter part of this decade. Forget about $10-12,000 Gold. That is disaster and quite simply cannot and will NOT occur.

    Harris also talks about “Haircuts” and the lack of “Truth” amongst other issues. The link below may be appropriate for these issues.
    http://www.youtube.com/watch?v=SuFScoO4tb0

    Best regards

    • Greg

      Great minds think alike LM. Thank you for the continued analysis abs the link! “Honesty is such a lonely word.”

      Greg

  14. dean

    Greg,
    When Yra was talking about if we get to 20 percent unemployment why did you not call him on that number. You know from John Williams that U. S. unemployment is at 22.9. percent
    I think we could tighten up some of this loose talk so people know the truth so they can think with the truth and calculate with the correct numbers and get correct answers. Otherwise people believe the government lies and walk around in a zombie fogged state.
    If a majority of people knew the truth they would tell these so called political leaders to stick it . They would demand that the Fed and the IRS be abolished . This would start us on the road to an honest country again and help restore our constitution and our rights as free citizens.
    Thank you for all you do ! Sincerely Dean

    • Greg

      Dean,
      Yes, you are right it is is already higher at 22.9 according to Shadowstats.com. Harris was just saying the Fed would not let it get that bad (in the Fed’s calculations) and would not allow deflation. so print print print to keep up afloat. I would have been more incline to say something if the discussion was centered around the topic of unemployment. But you are spot on actual unemployment is more than 20% right now. Thank you for the comment
      Greg

  15. Joe G.

    Any predictions what a loaf of bread or pound of bacon would cost in a Gold $3500 environment? YIKES. Thanks for the awesome reporting and analysis Greg, you are the new media, may the old wretched dinosaur state-run “media” institutions continue to wither away like so much leprosy-addled rotten flesh.

    • Greg

      Thank you Joe G. for the high praise. I am happy to leave thye MSM before my flesh rott
      Greg

  16. Freshbread

    Virtually no one is acknowledging that the ugly bear market in mining stocks could very well be an advance indication of liquidation in the metals themselves before too long. There is and has been a huge divergence. Metals stocks have quite a history of being the “canaries in the mine.”

    • Greg

      Freshbread,
      Not a chance with the Fed printing $85 billion a month in “open-ended” QE. On top of that, we do not know how much is pumped out with dollar/euro swaps. Also 0% interest rates and outright negative returns even by Federal Reserve standards of inflation. I feel quite comfortable that there is extremely limited downside with massive upside for gold in the years to come.
      Greg

  17. justin king

    Liquid Motion is on the $$. // I will simply re-state this week that you must have INFLATION for gold-silver to rock n’roll. Yra states that DEFLATION will cause $$ printing by Bernanke,but can it ever be enough to conquer a WORLD-WIDE DEFATION. This is the big tug-of-war we will witness over the next few years.=I’ve got my popcorn and my schekels on gold-silver.

  18. Phil

    Good interview, alot of useful information. More please

    • Greg

      Coming up Monday Phil. Good interview about housing and how big money is flowing there.
      Greg

  19. John

    Here are a couple of good articles that just came out on this very subject:

    GATA’s Bill Murphy on the Real Conspiracy of Gold and Silver Suppression

    http://resourceswire.com/2012/11/truth-telling-as-a-revolutionary-act/

    Immutable Golden Laws, Central Bank Extremes, Gold Standard Recall

    http://www.marketoracle.co.uk/Article37753.html

    Another great article Greg. I don’t think people have much longer to protect what they have worked 30 -40 years for.

    • Greg

      Thank you John for the comment and the links.
      Greg

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