Jim Rickards: “There Will Be A War On Gold”
There have been a lot of very important, very significant political and geopolitical developments and they can all impact gold or commodities one way or another…
I do have the sense that we’re getting closer to some very significant break in the system…
This is a great interview Sprott’s Thoughts publication did with Jim Rickards, following a recent keynote presentation at the Sprott Natural Resource Symposium. James G. Rickards is a best-selling author and advisor to the U.S. Department of Defense and Intelligence Communities.
Everyone knows that gold used to be money but most people don’t think of it as money today. I do personally and that’s how I analyze it, but that’s not widespread. Most people don’t think gold is money. They think it’s a commodity. I disagree. I think its money.
So gold used to be money. It’s not really money today except to a few people like me. I think it will be money again in the future.
What is money? I gave a lot of illustrations; feathers, clam shells, euros, gold, silver, beads, digital money, credit cards, and bitcoin. The truth is they’re all money or have been money at certain times. There were certainly times and places when feathers or clam shells were money. Not so much today but that used to be true in certain societies.
People like to criticize gold or paper dollars or bitcoin and they say well, “It’s not backed up by anything.” The dollar is not backed up by anything or bitcoin is not backed up by anything. I make the point that all forms of money are backed up by one thing—confidence.
So I expect that when governments suddenly wake up one day and say, “Wait a second, all these people we tried to chase out of paper money, they’re going into gold.”—at that point, there will be a war on gold.
If you and I have confidence that something is money, then its money….
The entire interview and podcast are here
If you are fed up with money that loses value, you can Trump the government with some Trump Dollars in gold, silver or copper.