"Gold and silver are going to crash, they're a bubble," he said.
"Once we write down all these crazy debts, we are going to destroy a lot of dollars that were created in the boom and that makes the (US) dollar a lot more valuable."
Excerpt from economic forecaster Harry Dent;
http://au.finance.yahoo.com/news/Tsunami-hit-Aussie-real-aap-3554936888.html?x=0
He's right there. The implosion of outstanding bad debts will overwhelm central bankers ability to create more debt so that the remaining dollars become more valuable. During deflation the only asset the assuredly increases in value (ie. purchasing power) is cash.
Given that most of the world's outstanding debts are denominated in US dollars, they will become the most valuable of all. Creditors will demand their dollars so debtors will be forced to sell whatever they can to repay their debts - including precious metals.
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