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Jim Rickards continues:
“Countries would have gold or lose gold based on how they ran their economic policies and that would be a fair system. But what we have now is a dishonest system where everything is fiat money, money is worth what we say it is, sort of Alice In Wonderland logic with the Red Queen.
I don’t blame the Chinese for doing what they are doing. I mean they are stripping their mines as fast as they can. They are buying gold secretly so they can minimize the impact. They are buying mines and shipping the gold straight from the refiners to their vaults. None of that comes as a surprise.
But why do we have such a non-transparent, manipulated, covert system? Why don’t we have something that’s more normal....
Continue reading the Jim Rickards interview below...
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“I kind of like the Russian approach, the Russians have been very candid and said, ‘We buy gold every month.’ They don’t do 100 ton blocks, it might be 5’s and 10’s, but if you look at the time series of the Central Bank of Russia, the gold reserves they go up a little bit every month and they are just continuing that way.
China is a jump phenomena where you don’t hear about them for a year and then all of the sudden they print 500 tons. You know what’s going on behind the scenes, so I don’t blame them for doing that. But what is the West thinking? So every time the market smashes gold I say, ‘Thank you’ because I just buy more at a better level.”
The above is just a small portion from this extraordinary interview with Jim Rickards. It is packed with information on what the central planners are up to and how this will impact gold and much more. The outstanding KWN audio interview with Jim Rickards is available now and you can listen to it by CLICKING HERE.
Tangent Capital in New York and the author of
“Currency Wars: The Making of the Next Global Crisis”
Penguin/Portfolio Nov., 2011, to pre-order CLICK HERE.
© 2011 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
Eric King
Jim Rickards - Western Gold Policy Threat to National Security
With KWN reporting on the recent intensity of Chinese buying, today King World News interviewed KWN Resident Expert Jim Rickards, Senior Managing Director at Tangent Capital Markets. When asked if the policy by the West to manipulate the gold market was unwise because Western vaults are being emptied of gold and subsequently filling Eastern vaults, Rickards replied, “Well I agree, from a national security point of view it’s reckless. I’m not saying the Chinese shouldn’t be allowed to have any gold, they should have gold, but they should get gold in a system that is gold backed. In other words if you had a gold based monetary system then everybody would have an interest in sound money.”
© 2011 by King World News®. All Rights Reserved. This material may not be published, broadcast,
rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
October 21, 2011
