Global currency debasement is very bullish for bullion over the long haul, he says

"Yeah, I believe it is a secular bull market," Weldon Financial chief Greg Weldon says of gold in a King World News audio interview (about minute 9:28).

"Longer-term, yes, very much a bull market. ... In terms of a store of value, when you have every country on the planet cheapening their currencies in some way, shape, or form, that is very bullish for gold on a long-term basis. So I expect much higher prices for gold in a three- to five-year time frame."

Investors shouldn't ignore the "global dynamic" around gold, Weldon says (around 10:55), especially as Asia gets more involved in bullion investing. "Relatively speaking, gold remains still very marginally held. ... Maybe it's a little overcrowded in the near-term, but that could be nothing compared to what could happen. ... This market is small, and when you get the kind of push as a percent of wealth in the world into gold, yeah, fireworks could be an understatement."

Are thing getting pretty desperate in terms of the economy? "I think they are, and I think what this really shows us is how quickly things begin to erode again the second you pull monetary and/or fiscal support," Weldon says (about 1:10). "Without spending by the government, without money printing by the Fed and the Treasury, the consumer specifically left on his own is really not in much better than he was two years ago."

Are we in a depression? "Maybe you could say you're in some kind of rolling depression," Weldon says (about 3:10). "Things are depressed, and they're staying depressed. So I think it is something more than a recession. I think that when you look at the consumer, you could make a case that if we're not in one, we're still headed towards one. ... So if you want to use the word 'depression,' I think you can make a case that the consumer is depressed and is remaining depressed."

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