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Posted on 05/02/2022 10:57:36 AM PDT by delta7
Five-time, best-selling financial author James G. Rickards says, “We could be in a recession right now,” but the title of his most recent book “The New Great Depression” says where we are definitely going soon. Rickards says, “The current crisis is not like 2008 or even 1929. The New Depression that has emerged from the COVID pandemic is the worst economic crisis in U.S. history. Most fired employees will remain redundant. Bankruptcies will be common, and banks will buckle under the weight of bad debts. Deflation, debt and demography will wreck any chance of recovery, and social disorder will follow closely on the heeLs…. Rickards says there are many negatives to the current economy, Covid, inflation, war, sanctions, supply destruction, and on top of all that, Rickards says the Fed will ultimately kill the economy with a policy mistake. Rickards explains, “Probably in May they are going to have quantitative tightening, which means you actually reduce the money supply. So, this is triple tightening: Three interest rate hikes, no more taper . . . and doing quantitative tightening at a very rapid rate. What just happened? We had a down quarter. The economy was at recession levels in the first quarter, and the stock market is on the way down. So, here we go again. The Fed is tightening into weakness. It’s tightening into certainly a stock market bubble, and they are probably going to destroy the markets again.”
Inflation, according to Rickards, is very serious, and he explains, “It is the worst inflation in 40 years. You can’t argue about it, it’s there. . . . The inflation we are seeing now does not come from the demand side. . . . It’s from the supply side. It’s because of the war in Ukraine. That’s a supply side disruption. It’s also from the ‘Zero Covid’ policy in China. They locked down two of the biggest cities in the world. . . . There are multiple reasons for supply chain disruptions. . . . By the time you pay for gas and groceries, if you can, there is not much left over . . . .That’s going to kill discretionary spending.”
Rickards says the signs that gold is going way up are global. Rickards contends, “The world could not destroy the dollar, but we could. . . . If you are putting sanctions on dollars and kicking people out of dollar accounts . . . why would I want dollars? The U.S. destroyed trust. . . . If you want to get away from the dollar, there is not a currency or bond market you can go to, but there is gold. . . . Gold is money good, and it’s the only form of money the whole world can agree on.”
Rickards says the minimum gold price is $15,000 per ounce in the not-so-distant future. Rickards says depending on the backing and math, it could go up in value much higher. Rickards likes silver, too, and food for the common guy. Food prices are going to go much higher according to Rickards, and in some places in the world, he expects out right starvation.
There is much more in the 55-minute interview. Many hate the gold bugs, but Rickards is a LEGENDARY investor, best to heed his advice.
Just in, Japan selling off USD, Treasuries. The great USD dethroning just beginning. …thanks Vegetable head Joe, weaponizing the USD just shot us in the foot….stay tuned….prepare accordingly.
https://finance.yahoo.com/news/biggest-treasury-buyer-outside-u-220000326.html
Didn’t that already happen in the summer of 2020?
Inflation is a Washington DC phenomenon
“World Moving to Gold – James G. Rickards”
i know i have ... i take my little sack of gold dust and a digital grain scale with me everywhere i go shopping ... sometimes the stores won’t take my gold dust so i turn to the more acceptable bitcoin, dogecoin, or ethereum ... cash is so yesterday ...
The end of fiat currency was coming anyway. Russia is having to move to gold, too, if you haven’t noticed.
IF the world is moving to gold, why is gold down almost $48/oz today?
Yet, over the past 10 years the price of gold has not kept up with inflation and is up only about 1% over the past year.
The idea is to convert that to cash in retirement if we ever need it. So for example, if gold is $2,000 an ounce and we need $6,000/mo in living expenses, we would sell three ounces at a time and get a check mailed to us.
We have a quantity of silver stored there too.
Yes, I think walking around with sacks of gold dust and scales are silly too, but that's not how most people invest in gold these days. They have it stored and convert it to dollars as needed. Most people never physically see or touch the gold and silver that they own.
Then why are gold and silver prices not rising?
Precious metals rose in 2019-2020 when inflation was low - but now that inflation is raging, precious metals prices remain lackluster.
—> i know i have ... i take my little sack of gold dust and a digital grain scale with me everywhere i go shoppin
Happening every day on parts of Venezuela
Yup gold is where it’s heading, but not just yet. It’s down big today with the dollar rising, and I expect it will go down to $1800 at least. Might be December before it really catches a tailwind and heads up unless geopolitical events cause enough of a panic before then.
If written three years ago, that line would have been "The Trump administration destroyed trust."
If YOU would like to be on a Gold & Silver PING LIST, please pm me.
The Gold & Silver Ping List covers the following:
Everything Gold & Silver
Stock market investments in mining companies,
etc.
I’m investing in lead. That will be much more valuable when the SHTF.
Intervention by US Comex, and LBMA.. .they set the daily spot price.
Now that Vlad has tied gold for oil, ( and commodities), ….expect a “ new” set of pricing. Hint: follow closely any Comex “ failure to deliver “ news. Almost happened with silver a year ago, but the LBMA shipped silver to the Comex, the flights from London delivering silver bullion from London to the US Comex were well documented.
We have entered a new financial era….stay tuned.
An excercise: spot for silver today is $23 an ounce, so why are US silver Eagles selling for $37-38 an ounce? Not enough to meet demand.
https://www.jmbullion.com/silver/silver-coins/american-silver-eagles/all-american-silver-eagles/
How does that work?
Do they buy it back at the spot price?
If the price shot up to $15000 per ounce, would you trust them to honor that?
What are the guarantees, and why do you trust them?
I own a small amount of physical silver (around $15,000), but your arrangement seems much more convenient. I’m thinking of converting a much larger amount of cash to gold - I can’t decide whether to do physical or an arrangement like yours.
I just feel uncertain that I could trust anyone to hold it for me - especially if the price were to skyrocket. What assurances do I have that they would honor the fair market price?
TPTB are strenuously holding down gold and silver but soon , very soon , the dollar will fail and the prices for all precious metals will shoot sky high . Probably it will be at that time you will have to get your “ Mark “ to buy or sell .
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