When we come to the end of this contraction phase, we’re going to find a world where there is no other recourse but to revalue gold so that it makes debts payable. It makes money much smaller and less weight. Then we will have a lot of gold money that has gone up in value. Some people say (gold will be repriced to) $8,000 per ounce. Some people say it will be $10,000 per ounce, and others are going as far as $50,000 per ounce.
I don’t know what the value of gold will be, but it will have the effect of diminishing the weight of debt on the world. I don’t know when this will take place, but I think that is coming, and it has to come. That will be the outcome of this century of inflation we have had. I think we are approaching a revaluation of gold.”