Frank Believes Venezuela Will Default on Its Obligations to Citibank

Author: USGI
Date Posted: April 30, 2015 Read time: 1 min


In this week’s segment of Gold Game Film, Frank Holmes joins Daniela Cambone of Kitco News to discuss gold’s surge Monday in response to Venezuela’s $1 billion gold swap with Citibank. But Frank doesn’t see the socialist country keeping up with its payments, as such countries “never really respect money, especially other people’s money.”

If Venezuela defaults, Frank says, “it will be very easy for the Chinese to buy up that whole block” from Citigroup to support the renminbi as a credible, global currency.

Watch the entire interview, in which Frank explains the “magic” of real interest rates.

 

 

None of U.S. Global Investors Funds held any of the securities mentioned in this interview as of 3/31/2015.

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