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“I’ve Got Gold Going to $10,000 Now” – Jim Rickards

by The Doc, Silver Doctors:

“I’ve got gold going to $10,000 now. So, I’m the guy with the highest price target out there…It could be a matter of weeks or a matter of years. This is one of these avalanche type event things. You don’t know when the snowflakes are going to hit. It’s going to be a change in psychology, a panic reaction, and it will happen very quickly…it could be a five-year play or it could be a one-year play depending on circumstances. I don’t really want to get into the timing of it except that the dynamic is set up for $10,000 gold…

CNBC Invited The New Case for Gold Author James Rickards on the show to discuss his current outlook on gold prices:

“I think this is the beginning of an extended bull market. When I say extended, we could be looking at something like 1999 where it went up 615% over a 12 year period.”

“What impresses me is that gold going up immediately after the Brexit vote, or gold going up a little bit after the Turkey coup, that you can understand. Those are kind of flight to quality, fear-trade reactions. But gold didn’t go down a lot when those things were over…It’s got a very good foundation – kind of around the $1,330 level, so it seems poised to go up a lot from here.”

“I think the key thing is central banks, and the Federal Reserve in particular, are in a corner. If they ease, and I expect they will lean in that direction – if they ease, you’re sooner or later going to get some inflation, or at least you’re going to get lower real rates, which is very bullish for gold. If they tighten, that’s going to be a blunder. They might do that, but they’re going to burst bubbles – stock markets, housing, commercial real estate all look like bubbles. You really can’t tighten without bursting bubbles. That’s going to create a fear-trade. So I think gold wins either way.”

“There is that inverse relationship between dollar index strength and the dollar price of gold. So, that’s a general rule. But there are exceptions to every rule. One of them is when there is a liquidity crisis or a fear-trade people go to the dollar and gold.”

“Gold has gone from the commodity space to the money space. Gold today competes as a form of money. So if you want to get out of euros, or sterling, or yuan…I think you look at dollars and gold. So it’s a little bit unusual, but they can both get stronger on this basically a horse race for what’s the most desirable form of money.”

“I’ve got gold going to $10,000 now. So, I’m the guy with the highest price target out there…It could be a matter of weeks or a matter of years. This is one of these avalanche type event things. You don’t know when the snowflakes are going to hit. It’s going to be a change in psychology, a panic reaction, and it will happen very quickly…it could be a five-year play or it could be a one-year play depending on circumstances. I don’t really want to get into the timing of it except that the dynamic is set up for $10,000 gold.”

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1 comment to “I’ve Got Gold Going to $10,000 Now” – Jim Rickards

  • Steelerdude

    in my snow white voice:

    “and how long is your nose Jimmy?….ohhh….I bet its real long…longer than anyone elses!
    we dont have any dwarfs with a long nose name….so Jimmy, what name can we give you?…
    I know …Pinocchio!…yes….that is what we will call you….”

    sorry jimmy….but if gold hits $10000, nobody will like their life….

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