Jim Rickards on the War on Gold, the Coming China Collapse & War w/ North Korea (Podcast)
BY MONEY METALS
TheDailyCoin.org
JULY 1, 2017
Coming up we’ll hear the second half of my two-part interview with Jim Rickards, author and well- connected global finance insider. Jim shares his thoughts on the ongoing War on Cash, the developing War on Gold and how that will play out, and talks about the ticking time bomb in the Chinese economy and what it means for the U.S. stock market. Don’t miss the amazing conclusion of my conversation with Jim Rickards, coming up after this week’s market update.
Well, as this final day of June brings us to the end of the second quarter, precious metals markets are at a crossroads. After trading range bound for several weeks with no clear trend, gold and silver prices may be on the verge of a big move one way or the other.
This week, the metals traded with a slight downside bias through Thursday’s close. As of this Friday recording, gold prices come in at $1,243 per ounce, down 1.1% on the week. Silver is down not quite as much and currently comes in at $16.66 an ounce, a decline of 0.6% this week. Turning to the platinum group metals, platinum is off 0.9% to trade at $924. Meanwhile palladium is the biggest loser this week among the precious metals with a weekly decline of 2.4% and now comes in at $846 an ounce.
The broader commodities complex is showing relative strength in the face of stock market selling. Crude oil prices finally rallied after five straight weeks of declines. Of course, commodity prices have been depressed not just for weeks, but for months. The major commodity indexes have gotten historically cheap versus the S&P 500.
Even Federal Reserve officials have expressed concern recently about stock market excesses. In a recent speech, Fed chair Janet Yellen called equity values “rich.”
When the cycles turn back in favor of hard assets, they could run far and long. However, it’s a bull market virtually no one sees coming right now. But major bull markets often begin when sentiment is bleakest.
The Rest…HERE
