3 Minute Gold News
A Quick Read for Busy People
A synopsis of an interview with Jim Rickards, New York Times bestselling author of The Death of Money and Currency Wars, by Jo Ling Kent from FoxBusiness.
Jim is the Chief Global Strategist for West Shore Funds, former general counsel for Long Term Capital Management, and a consultant to the US Intelligence community and the US Department of Defense.
Topic:
Gold
Jim Rickards
China announced that they added 604 tonnes of gold to their official reserves.
They actually have thousands of tonnes and the evidence for that is very good. Looking at their mining output, Hong Kong imports and people who have told Jim they are bringing it into China off the books, it’s reasonable to estimate they have 3,000 – 4,000 tonnes.
Why did they only declare 600 tonnes?
They’re trying to keep the IMF happy, because there are some reporting standards, and they want the Chinese yuan to join the Special Drawing Rights basket of currencies.
China is a buyer of gold. Why would they want the price to go up? If they want to buy several thousand tonnes to catch up to the United States then they want a low price. So they’re going to low ball their disclosure, declaring just enough to keep the IMF happy.
That came as a surprise to some people and it may have hit some stop losses in the hedge fund world.
Gold’s current low price in U.S. funds is more of a strong U.S. dollar story than a weak gold story. Everywhere around the world, commodities and currencies are weak against the US dollar.
If you’re a big holder of gold then sit tight. The fun is just beginning.
If you don’t have gold yet then this may be a very good entry point.
Gold’s all time high was $1,900 US per ounce in 2011. Ten years ago it was about $300 per ounce. Jim sees it going $5,000 per ounce or higher.
But nothing goes from $300 straight up to $5,000 without a 50% retracement. That’s rare in commodities.
So if $1,900 was the high and you go back 50%, gold could go down to $950 per ounce and then go up from there.
So if you don’t have your gold then this looks like a good entry point.
Jim Rickards can be found on Twitter and at James Rickards Project.
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From the Cariboo Gold Trail
I’m heading back to Vancouver this week for the Vancouver Gold symposium being held at the Fairmont Hotel. I’ve been invited for a cruise in the Vancouver harbour by Jim Rickards, along with the top speakers at the event, so I’ll bring you words on gold from some of those who know it best.
The newest single “Not Much of a Holiday” is now released and available in mp3 format from CDBaby and available soon on iTunes.
The bank holiday in Greece and the back room deal that followed, is just the beginning. There are more nations with unsustainable debt and there will be more deals. Who owes? Wait in line.
The Youtube video shows ripples as small actions in calm waters affect the area around it. There are also large waves where the actions must be larger in order to make an impact. Calmness or chaos — which way will it go?
Not Much of a Holiday
words and music Elaine Diane Taylor
© 2015 Intelligentsia Media, Inc. All rights reserved.
SOCAN/ASCAP
Single available now on CDBaby and available soon on iTunes
Not Much of a Holiday
words and music Elaine Diane Taylor
Around the corner
Wait in line
For a chance at a euro’s bread and wine
Not much of a holiday, I know
Damn bank holiday, oh
Another loan
A deal is signed
Another knife and another one resigns
Who owns who this time?
Who owes? Wait in line
But what do I know?
What do I know?
The media tells me so
Which way will it, which way will it go?
Palms greased
Close the door
Fates are sealed
We want more
We want more
Which way will it , which way will it go?
Across the sea
Biding time
Build an island… It’s all mine
It’s all mine
It’s all mine
All the waves are mine
Dealing
Dealing time
Who owns who this time?
Who owes?
Wait in line
What do I know?
What do I know?
The media tells me so
Which way it’ll, which way it’ll go
Palms greased
Close the door
Fates are sealed
We want more
Which way will it , which way will it go?
Which way will it , which way will it go?
Markets close and rockets crash
Silken road, treasure, files hacked
Water, oil, fusion cold
News and nations all sold
But what do I know?
What do I know?
The media tells me so
Which way it’ll, which way it’ll go
Palms greased
Close the door
Fates are sealed
We want more
Which way will it , which way will it go?
We want more
Which way will it , which way will it go?
Around the corner
Next in line
Another nation
Not much of a holiday
© 2015 Intelligentsia Media, Inc.
All rights reserved.
SOCAN/ASCAP
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Preparing for the Fall is available on iTunes — featuring Wag the Dog, Black Swan Dive, American Pie and Gods of the Copybook Headings.
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Coins and Crowns
words and music Elaine Diane Taylor
© Intelligentsia Media Inc. All rights reserved.
SOCAN/ASCAP
from the album Coins and Crowns available on iTunes
Single featured in Episode 1 of Mike Maloney’s documentary series Hidden Secrets of Money.
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Nothing on this site is intended as individual investment advice. We’re all watching which way the wind is blowing.
