Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

Gold Is Money, Not a Commodity; If You Want Money, Have Some Gold (Video)

  by    2   0

Jim Rickards defended holding 10% of your portfolio in gold on Fox Business this week. Dagen McDowell aggressively challenged his argument that gold is the equivalent of an insurance policy for your wealth, but Rickards pointed to thousands of years of history supporting his investment strategy. Rickards also stuck with his forecast for the gold price to hit $10,000 per ounce sooner than later.

When people say gold is up, I don’t think of it as up. I think the dollar is down. In other words, you get less gold for your dollar, so the dollar is really down. If gold went to $10,000 an ounce – which I do expect – I wouldn’t think of it as a rise in gold, I would think of it as an 80% collapse in the dollar…”

Highlights from the interview:

“I definitely do [recommend buying gold]. For a long time, I’ve recommended about 10% gold. Don’t go all in… It’s kind of like insurance. It’s like fire insurance on your house. Nobody wants their house to burn down, but heaven forbid if it does, you’re glad you have the insurance. So have a slice of gold, along with stocks and bonds and cash and other assets…

“As far as gold is concerned, people say it has no yield. Take a dollar bill out of your purse or wallet. It has no yield… If your income is in dollars [and] if people lose confidence in dollars, then your income goes away…

“It’s not an argument [that currencies will go bust], it’s five thousand years of history… If you choose short time zones, yes [currencies are fine], but if you look at a longer time, including a hundred years…

“When people say gold is up, I don’t think of it as up. I think the dollar is down. In other words, you get less gold for your dollar, so the dollar is really down. If gold went to $10,000 an ounce – which I do expect – I wouldn’t think of it as a rise in gold, I would think of it as an 80% collapse in the dollar…

“[The rise to $10,000] could start tomorrow, it could be about three years from now. We have an unstable financial system. I don’t know when it’s going to collapse, but collapse is inevitable. That’s the easy part. You can see that coming. The exact date – I don’t know… I think having insurance and protection of preserving your wealth is a good decision…

“There’s money in Europe that’s 800 years old… They’ve been around since the 13th century. You talk to them – and I have – ‘How do you preserve wealth through the 30 years war, the Napoleonic wars, Louis the XIV, etc.’ They look at you and say, ‘A third, a third, a third.’ One third land, one third real estate, one third gold…

“I think of [gold] as money. If you want money, have some gold…”

Get Peter Schiff’s latest gold market analysis – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning more about physical gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

The Fed Is All Hat and No Cattle

In response to the coronavirus economic lockdown, the Fed pulled out all the stops, launching what amounts to QE infinity. And there is no end in sight. During a recent 60 Minutes interview, Federal Reserve Chairman Jerome Powell said there is “no limit” to what the Fed can do. This is the same “cure” the […]

READ MORE →

Why Should We Care About Negative Interest Rates?

Are negative interest rates in our future? Jerome Powell says absolutely not. But Jerome Powell also once said balance sheet reduction was on autopilot and that the Federal Reserve wasn’t going to cut interest rates. What the Fed chair says today doesn’t necessarily line up with what the Fed chair does tomorrow. In fact, the […]

READ MORE →

Peter Schiff: People Will Be Wiped Out By the Inflation Tax

The printing presses are running at full speed as the Federal Reserve creates money out of thin air at an unprecedented rate. Peter Schiff recently appeared on Kitco News to talk about the impact of all money-printing, borrowing and government spending. Somebody has to pay for this and we all will. In fact, a lot […]

READ MORE →

What Is the Best Way to Buy Gold? (Video)

With the economic chaos created by coronavirus economic shutdowns and the Federal Reserve creating trillions of dollars out of thin air, there is suddenly a lot of interest in buying gold, both as a safe haven and an inflation hedge. But what is the best way to invest in the yellow metal? Should you buy […]

READ MORE →

Is Silver Set to Shine? (Video)

Silver hasn’t been this cheap compared to gold in 5,000 years of human history. What is the silver-gold ratio telling us? Is silver about to shine?

READ MORE →

2 thoughts on “Gold Is Money, Not a Commodity; If You Want Money, Have Some Gold (Video)

  1. Ulysses says:

    Gold IS a commodity which is perfectly suitable for use as money, i.e., temporary store of value of one’s products for eventual exchange with other peoples’ products (a/k/a Medium of Exchange).
    The special properties which makes it ideal for use as money are as follows:
    (a) It is extremely resistant to nature’s forces. Gold retrieved from under the sea after centuries or from pyramids after millenia show almost no corrosion.
    (b) It is rare and therefore a little amount represents a large value making it easy to carry around.
    (c) Its value depends only upon its purity and weight and nothing else.
    (d) It is fungible, i.e., any quantity of it is exchangeable with any other piece of the same amount.
    (e) It is malleable and can be split into extremely small quantities whose value is directly proportional to its quantity (weight).
    (f) It is beautiful to look at and does not have to be consumed in order to be useful.

  2. xxxChurch100 says:

    One of the commentators claimed that in modern history fiat currency do not go bust , really … I disagree with that statement,we will all see if history is just about to be made.
    The USD is about to get smashed by the reckless practises of the Fed /Res and Wall St .
    A 3rd world U.S.A. is about to be unveiled .
    I agree with Jim Rickards and gone for the ” insurance policy ” which only a physical commodity , gold and silver , can provide …

Leave a Reply to Ulysses Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Call Now