Monthly Gold Videocast
In this August Gold Videocast, Peter interviews renowned investment advisor and author Jim Rickards about the role of gold in the international currency wars.
Jim Rickards is Chief Global Strategist at the West Shore Funds, and Director of The James Rickards Project, an inquiry into the complex dynamics of geopolitics + global capital. In The Death of Money, Rickards shows why another monetary system collapse is rapidly approaching - and why this time, nothing less than the institution of money itself is at risk. Fortunately, it's not too late to prepare for the coming death of money. Rickards explains the power of converting unreliable money into real wealth, such as gold and other long-term stores of value.
0:28 - A review of the most recent developments in the international currency war and why the US is unfortunately going to "win."
1:43 - Countries with the biggest dollar reserves are building up gold reserves in preparation for a currency crisis.
2:15 - China's officially reported gold holdings are probably false. Rickards leads Peter through his reasoning that China's gold holdings are likely 4-5 times greater than official reports!
4:00 - If China told the truth about how much gold they really have, the dollar would collapse and gold would skyrocket. They don't want this to happen before they've bought as much gold as they feel they need.
5:11 - Why has Germany seemingly changed its mind about repatriating its gold?
6:49 - Basically, the Fed has "leased" the same gold over and over again.
7:12 - Rickards explains why gold dropped in 2013 and why it was a one-time event.
8:10 - At some point, US Treasuries can no longer be the safe haven for investors.
8:30 - Rickards addresses the problems surrounding the London Gold Fix and how the gold market is moving to the East. Shanghai is rewriting the rules of the gold market.
10:01 - Rickards explains how the next liquidity crisis will play out, with the collapse of central banks, as well as sovereign nations.
11:17 - When you have a currency crisis, it's the paper wealth that evaporates. Rickards explains how Warren Buffet is preparing for exactly this endgame - by dumping paper money and buying hard assets.