Steve Forbes: US Will Return to Gold Standard

Wednesday, 31 Aug 2011 06:24 PM

By Jim Meyers and Kathleen Walter

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Forbes magazine editor Steve Forbes predicts that the United States will adopt a new gold standard within the next five years — and warns investors to be “extremely careful” about putting money in gold.

“I think in 2013 you’re going to see a new regime in Washington, and you’re also going to see in the next five years something that sounds astonishing today, and that is for the first time since the 1970s the dollar will be relinked to gold,” the two-time presidential candidate tells Newsmax in an exclusive interview.

“We will return to a gold standard. It will be a modernized version of it, but in essence it will be the basic principle that the dollar will remain constant with gold.”

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Asked how high the price of gold might go, Forbes responds: “Keep in the mind the real value of gold remains constant. What you see now is fears about the future.

“If Ben Bernanke were to announce today that the dollar will be as good as gold and he would work toward it, you might see a reduction in the gold price because there’s a lot of future devaluation priced into the price of gold.

“People see that Bernanke wants to trash [the dollar] so they don’t wait for it to happen, they start hedging right away. So it’s in Ben Bernanke’s hands. He could send it to $18,000 an ounce. I don’t think he’s going to have the opportunity to do so.

“In terms of investing in gold, of using it as a small part of your portfolio as an insurance hedge, be extremely careful. This dollar weakening policy is not going to continue, certainly not after 2012.”
Editor's Note: Read these other Newsmax Exclusives with Steve Forbes:

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