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"Thank Me After Becoming A Millionaire This Asset Will 30X In a Heartbeat" - Jim Rickards Goldthe fu
Updated on Jan 20,2023
"Thank Me After Becoming A Millionaire This Asset Will 30X In a Heartbeat" - Jim Rickards Gold
the future is very positive for gold,though you have the normal vectors you,know a supply is flat but has been for,six years demand is going up central,banks have flipped from net sellers to,net buyers that's a big deal,um in a retail institutional interest is,higher so that's good geopolitical,threats don't need to say a lot you know,from the U.S perspective Iran China,North Korea Venezuela Russia you name it,so that's the vector but the biggest,driver right now is what I referred to a,few minutes ago negative real rates,because gold as a form of money which is,how a viewer competes with other,interest rate competes with other,instruments treasury bills Etc well if,they have high yields and gold has no,yield you want the treasury bills but if,uh if interest rates have negative,yields and goals just flat gold looks,more attractive so that's the main,driver and that's going to continue,everyone's like well you know the gold,is up gold is down uh but one that so,what do you mean when you say that and,they're talking about the dollar price,of gold it's like okay so the dollar,price of gold is up or down that's,really a cross rate that's so different,than talking about the Euro US Dollar,exchange rate or Australian dollar US,Dollar exchange rate if you think of,gold as money and I do then the dollar,price of gold with gold measured by,weight not as another currency uh it is,another form of money but with gold,measure by the way it's a cross-exchange,rate,foreign,goes up I would say that what's really,happening is the dollar is going down in,other words I think of gold by weight,I'm interested you know do you have a uh,do you have a ton do you have uh 50,kilos do you have five ounces whatever,you have as an individual investor as a,bank I think of it by weight because,when someone said Gold's really going up,I said well no the dollar is going down,you need more dollars to purchase a,fixed quantity of gold which means the,dollar is worth less and when people say,Gold's really going down I say no the,dollar's worth more and you need fewer,dollars to purchase the quantity of gold,you know as when you when people talk,about price the first thing they do is,they're really talking about dollars you,know this is a euro price for gold but,the World Market is based on dollars,you're privileging the dollars the,numerator the numerator is your counting,system you know is it yards inches feet,whatever and if you put the dollar first,and say gold is in dollars it's going up,or down I think you have it backwards I,think you need to put gold first by,weight and then if it's worth more the,dollar is going down if it's worth less,the dollars going up,and so when you say,gold is going up let's say it went to,two thousand dollars an ounce oh the,price of gold went up you know I just,went up uh 10,um well did it or did the dollar go down,uh the way I would phrase it is you know,it used to be eighteen hundred dollars,to get an ounce of gold now it's two,thousand dollars to get an ounce of gold,or you know your dollar got you one,eighteen hundredth of an ounce today it,only gets you one two thousandth of an,ounce uh in other words gold didn't do,anything it's a metal it's an element,atomic number 79. what happened was the,the dollar got stronger so a stronger,dollar,is a lower dollar price for gold and a,weaker dollar is a higher dollar price,per gold so when people talk about gold,going up,what they're really talking about is the,dollar going down,we have new numbers regarding how much,gold Central bikes are buying 400 tons,in Q3 this year records and numbers we,haven't seen since the 80s yet we don't,know some of those mystery buyers,obviously the theories are that are that,are they are Russia and China now,China's non-transparent Russia is much,more transparent although Russia is,starting to be opaque a little bit,because they're in a war but uh you can,see the inflection point is 2010 so from,1970 to 2010 it's a long stretch 40,years central banks were net sellers it,didn't mean everybody sold everything,but Switzerland's down a thousand times,U.S was down a thousand tons after,losing a you know uh 8 000 tons or sorry,11 000 tons between 1950 and 1970. it,was down down 2010 was the year that,central banks became net buyers now it,doesn't mean every Central Bank was,buying gold it does mean that they were,selling a lot less and others were,buying more uh and some of the buyers,are Mexico Kazakhstan Philippines,Vietnam we we know China's big bar we,don't know exactly how much Russia was a,as a big buyer that is continuing now,the new players Iran a Renaissance,transparent but we know they're buying,gold turkey uh is buying a lot of gold,uh Japan had a bunch of gold all along,they never told anybody about one,literally one month the reserves went,from 600 tons to 900 tons well you know,the market you can't buy 300 tons in a,month not not one country or one order,but they had it all along but they,decided to reveal it put it on their
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