Gold price could smash $10,000 on crashing dollar & other factors – Jim Rickards

[Assembler]

Gold price could smash $10,000 on crashing dollar & other factors — Jim Rickards
Published time: 29 Jan, 2018
https://www.rt.com/business/417286-gold-dollar-prices-rickards/
A weak US dollar, a possible war between the US and North Korea or the impeachment of Donald Trump could result in one of the longest-ever rallies for gold, according to precious metals expert Jim Rickards.
"This is gold's breakout year. We are in the third bull market of my lifetime — and we have a very long way to run,” Rickards said in an interview to Kitco News.
The reasons for the forecast gold rally are a possible plunge in the dollar, a US war with North Korea, a trade war with China and President Trump’s impeachment, he said.
These events could push gold prices to $10,000, Rickards said. Gold prices have slumped in recent days after reaching more than a year high of $1,370 last week. On Monday, the commodity was trading at $1,347.
However, a surge may be accompanied by a rise in commodities prices.
"All gold does is it preserves your purchasing power. But, if gold is $5,000, then oil is probably $400, and everything is double or triple, you're not really ahead of the game," Rickards said.
The last week’s increase was linked to a statement by US Treasury Secretary Steven Mnuchin, who said on two consecutive days that the US administration favors a weak dollar in trade. The dollar sank to a three-year low on his remarks.

 

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[WaterScoop]

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[Assembler]

ALWAYS CONSIDER AND ANALYZE THE SOURCE

James G. Rickards is the editor of Strategic Intelligence. He is an American lawyer, economist, and investment banker with 35 years of experience working in capital markets on Wall Street.

Do you think Rickards stands to gain by injecting fear into the marketplace? Ask yourself this.. “if you had a secret where you would make a ton of money would you share it with anyone you don’t really know”?

Or say something to make you a train load of money and you have the scruples of a lawyer.

I think you can see where Im going with this.

View attachment 1543821

This is the reason this one posted the name and link to the information so that everyone can see.
Thanks for the update information.

 

[Mackaydon]

Apparenty I missed Rickards lecture on the direct correlation between the price of gold and the price of oil.(A barrel of oil going to $600 if gold goes to $10,000.)
My son asked: What is he smoking?
Don......

 

[smokeythecat]

One of those companies just had another one of their buy our gold ads on the TV just now. If they thought it was going that high, they would be buying only, not selling.

 

[Cassews]

Well dagnabit... I better get the hubs out there in the 17-29 degree weather and get him to gold panning .. Hades we could have everything paid off and I could be rich only in the future will that happen, what? ... Wait ... Never mind especially if I cannot sell my kids on Ebay.. Oh wait they moved out of the house cuz they knew it all ..Can't even sell them .. HAHAHAHAHAHAHAHAHAHA

You all crack me up !! Thanks for the laugh

 

[Assembler]

Don't worry. If gold hit 10K, minimum wage will be 200 bucks an hr..

In 1900 - 1903 most working people where getting around 22 cents an hour wages. Kinda shows the real value of the dollar now.

 

[The1rod]

In 1900 - 1903 most working people where getting around 22 cents an hour wages. Kinda shows the real value of the dollar now.

So this got me thinking. In 1900 the average American wage was 22 cents an hour, today it is 111.68 times that at 24.57 dollars an hour. Gold on the other hand was 20.67 dollars an ounce in 1900, while today it is 65.24 times higher at 1348.50 dollars an ounce. If gold had increased to 111.68 times it's 1900 price, the way hourly wages did, it would be 2308.43 dollars an ounce. I just thought that was kinda interesting to think about.

 

[Assembler]

So this got me thinking. In 1900 the average American wage was 22 cents an hour, today it is 111.68 times that at 24.57 dollars an hour. Gold on the other hand was 20.67 dollars an ounce in 1900, while today it is 65.24 times higher at 1348.50 dollars an ounce. If gold had increased to 111.68 times it's 1900 price, the way hourly wages did, it would be 2308.43 dollars an ounce. I just thought that was kinda interesting to think about.

Yes this one is thinking the same that a price around $2,300 - $2,500 per ounce may happen very soon. May go higher if the dollar crashes.

 

[ghostminer]

I believe gold & oil are both going higher as the U.S Dollar is now competing with the Chinese currency for oil trading purposes. The Chinese are now backing their trades with gold if you don't trust their currency. You won't hear about this on the nightly news & it is very concerning for all Americans. That alone will send gold & oil higher. U.S. shale production may be able to offset some of the oil price increase as the ducks come back online but gold is another story. Where will gold prices go? No one really knows. I hope not to $10,000. If you think that is a possibility you had better be keeping your gold in an off shore account because the government will force you to sell it to them at what they will determine is a fair price & it won't be anywhere near $10,000. They will also ban gold mining & there will be no more federal mining claims available to mine on. At least not legally.

 

[Assembler]

Well dagnabit... I better get the hubs out there in the 17-29 degree weather and get him to gold panning .. Hades we could have everything paid off and I could be rich only in the future will that happen, what? ... Wait ... Never mind especially if I cannot sell my kids on Ebay.. Oh wait they moved out of the house cuz they knew it all ..Can't even sell them .. HAHAHAHAHAHAHAHAHAHA

You all crack me up !! Thanks for the laugh

The following joke may be good here......LOL

 

[Assembler]

I believe gold & oil are both going higher as the U.S Dollar is now competing with the Chinese currency for oil trading purposes. The Chinese are now backing their trades with gold if you don't trust their currency. You won't hear about this on the nightly news & it is very concerning for all Americans. That alone will send gold & oil higher. U.S. shale production may be able to offset some of the oil price increase as the ducks come back online but gold is another story. Where will gold prices go? No one really knows. I hope not to $10,000. If you think that is a possibility you had better be keeping your gold in an off shore account because the government will force you to sell it to them at what they will determine is a fair price & it won't be anywhere near $10,000. They will also ban gold mining & there will be no more federal mining claims available to mine on. At least not legally.

The following could help with the numbers.
Here is the current audit of the Federal Reserve, their Annual Financial Report and back issues going back to 1914.
https://www.federalreserve.gov/publications.htm

 

[benny]

Ya know, I just don't get it. This week the market flopped around like a landed fish, but gold price dropped. Doesn't make any sense to me.

http://www.kitco.com/commentaries/2018-02-06/What-s-Wrong-With-This-Picture.html

PS: Be sure to check out the comments.

 

[Goldwasher]

they made it sound much bigger and more roller coaster than it was.

That's why all the news stations speak in points... because by percentage it wasn't that bad.


Funny when the Prez. touts the market rise the news says that stocks aren't an indicator.

They take a little dip and they try to put all kinds of meaning into it.



The media is out of hand for the last two years. They are trying to tell a story that just won't happen and its driving them bonkers

 

[benny]

That's why all the news stations speak in points...

Can't listen to news. Must see it in print. If I can't verify, then its probably bogus.

 

[Assembler]

Dow plummets more than 1,000 points, its second-worst trading day ever
Dow plummets more than 1,000 points, its second-worst trading day ever | Fox News

Stocks posted sharp losses Thursday with the Dow shedding 1,033 points, as higher interest rates continued to rattle investors.
The Dow Jones Industrial Average tumbled about 4.15% to 23,860, notching its second-worst point drop in history. The S&P 500 fell 100 points, or 3.75%, to 2,581. The Nasdaq Composite was down 274 points, or 3.9%, at 6,777. The sell-off pushed the Dow and S&P 500 into correction territory, when stocks fall at least 10% from their highs.
U.S. equities extended their losses in a week overtaken by wild swings in the stock market. The Dow, which booked a record-breaking loss of 1,175 points Monday, has shed roughly 2,700 points since Friday amid a brisk retreat from all-time highs. Positive U.S. economic data, such as stronger wage growth and low unemployment, has raised Wall Street’s odds that Federal Reserve policymakers will raise interest rates faster than anticipated.
Chicago Federal Reserve President Charles Evans recently said he continues to expect the U.S. inflation rate to hit the central bank’s 2% goal as soon as the end of 2019, adding that the next increase to interest rates could wait until mid-2018. Still, traders are bracing for more market volatility, wondering if the Fed will hike rates more than three times this year, the current target. The first of those rate hikes is expected in March.
The yield on the 10-year Treasury bond rose as high as 2.88%, nearing Monday’s highest level in four years. The benchmark rate was trading around 2.85% Thursday afternoon.