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The fireworks have fizzled out over 2011. So what's in store for financial markets in 2012? We've already said good bye to the old normal, now maybe even the new normal, so are we living today in the paranormal? That's the forecast of bond titan Bill Gross of PIMCO. The toll of too much paper and too little trust. But how does that materialize? Bill Gross talks about the creation of two permanent fat tails, one on the left full of credit deflation, delevering and bankruptcies, and one on the right full of inflation and money printing. Where do we fall, and can the world navigate between the two in this new paranormal and can gold help hedge our journey? We will talk to James Turk, founder of GoldMoney and author of "The Collapse of the Dollar and how to Profit from it," who agrees with Bill Gross, and thinks that gold is a good hedge to navigate through these turbulent times. And on the issue of gold, we have seen a lot of volatility in the precious metals market as of late. What does James Turk think of this? Well, corrections are normal in bull markets, and this is a bull market, so don't be scared when you see these price drops. They are just opportunities to accumulate more. From ECB LTRO to Federal Reserve quantitative easing, James Turk thinks the real risk is continued debasement of currencies globally, and gold is your best bet at preserving your wealth going forward. And James Turk is not the only one who seems to think so. Alan Greenspan certainly agreed back in 1966 when wrote Gold and Economic Freedom, saying that a gold standard is the only way to protect a
person's wealth from confiscation through inflation. And in lighter news, out of this world, paranormal type of news, will we see US president Barack Obama's foreign policy go intergalactic in a quest for gold stolen by aliens? We'll tell you how the white house responded to claims that the chief executive has been teleporting to mars.

And here are some excerpts from the interview of important points we want to highlight:

4:02 -- "We could go to hyperinflation. This is the point I've been making for some time, that we're on the road to hyperinflation because what we're doing is turning government paper into currency."

4:25 -- "[Hyperinflation] might actually lead us to $8,000 per ounce gold price I've been expecting between 2013 and 2015."

5:56 -- "What we're seeing is the price of some assets coming down, but we're measuring the price in terms of a currency being ever debased. Inflation is still a factor. We've got crude oil back over $100 a barrel so we can be expecting much higher gasoline prices in the not to distant future."

6:28 -- "Bottom line issue we're going to face in 2012...government's are running out of money, they're borrowing more money than the market is willing to lend to it."

7:06 -- "Deleveraging of debt does not necessarily mean deflation in the currency."

7:22 -- "We're going to have much higher inflation of 2012."

8:42 -- "Inevitably we're going to go back to gold. Gold's going to return to it's traditional and rightful role at the center of global commerce when this bubble pops. And what is this bubble? It's the fiat currency bubble."

9:44 -- "Only safe way to play it is hold a tangible asset for your money and that means owning gold or silver."

17:02 -- "In a world of floating currencies they bob up and down relative to each other depending on central banks relative to each other...you should be measuring the dollar the euro and other currencies of the world... by gold."

17:41 -- "All fiat currencies are on a fiat currencies are just on a downward path. They bob up and down against each other but they're all sinking relative to gold itself."

18:37 -- "Banking since I left in 1980 has moved from banking to being more like a hedge fund."