James Rickards: “The System Is Highly Unstable—If [Confidence] Is Lost, It Can Melt Down Very Quickly”

Wednesday, September 9, 2015
By Paul Martin

SilverDoctors.com
September 9, 2015

“If you push one wrong button, the whole thing melts down catastrophically. You create a chain reaction…[where] I see gold going to $5000, $7000, [even] $10,000 an oz.”
“[If] you have a global financial panic and need to restore confidence,” James concluded, “that’s the price of gold you would need…”

During a time of increasing uncertainty in global financial markets, James G. Rickards, best-selling author and advisor to US Department of Defense and Intelligence Communities, was kind enough to share a few comments.

When asked about People’s Bank of China’s recently announced gold reserve holdings numbers, James noted that, “I’ve been [to] China and [spoke] to secure logistics people, that [told me] gold is being brought in completely off the books…over land using People’s Liberation Army assets…coming in from Kazakhstan, maybe Russia.”

“[So] I’m not saying the People’s Bank of China is lying about their gold [holdings]…But whether to ignore how much gold [affiliates hold] off the books is the question…I think it’s reasonable to estimate at least 3000 tons…[but] there’s reason to think it could be [much] more.”

James also shared a recent conversation with former Federal Reserve Chairman Paul Volcker, in which Mr. Volker explained he “was one of the people in the room [at Camp David]” when the decision was made to close the gold window.

The Rest…HERE

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