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Markets On Course To Crash With Italy's Problems

Italy's problems are only the tip of the iceberg.

(Kitco News) - Destabilization around the world is showing signs with global currencies "collapsing," said Gerald Celente, publisher of the Trends Journal.

"It's beyond Italy. It's going on in all the emerging markets and the developed nations," Celente told Kitco News.

Celente said that the new Italian government is reflective of the broader anti-establishment sentiment in Europe, with Brexit being a leading example.

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"This could be the beginning of the end of the euro. If that happens, because of what's going on in Italy, you're going to see destabilization everywhere," he said.

On gold, Celente said that the yellow metal needs to hit at least $1,450 an ounce before upward momentum can be seen.

"Gold has to break above $1,450 an ounce, and then at that time we see a spike to $2,000 and above," he said.

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.