JIM RICKARDS EXPLAINS HOW GOLD WILL REACH $7,000/OZ AT THE SOVEREIGN MAN EVENT IN CHILE
MAY 9, 2013
For our readers unable to make it to this year’s Sovereign Man convention in Chile last month, the following clip will provide a taste of what was missed. Rickards breaks down his expectations for gold, and outlines the coming scenarios that will propel the metal of kings to $7,000/oz. Rickards states that the current movement towards multiple global reserve currencies will only exacerbate currency wars, and instead of one Central bank behaving badly (The Fed), we will have 5,6, or 7, and that the IMF will soon begin its own QE, by printing SDRs.
The Currency Wars author points out that if global M2 were to be 100% backed by gold, gold would achieve $44,500/oz, but that even merely using M1 and a mere 40% gold backing results in $7,000/oz gold!