Jim Rickards On The Confused Fed, Gold Manipulation & NIRP by Mike Gleason, Money Metals Exchange
Exclusive Interview with Jim Rickards on the Confused Fed, Gold Manipulation, and Negative Interest Rates
Hi, best-selling financial author and trusted government currency adviser Jim Rickards here.
If you haven’t heard, I’ve just released a new book called The New Case for Gold. The book warns of a few critical dangers that every American should begin preparing for right now.
But it’s more than just a warning…
For the first time ever, I’m publicly revealing my #1 technique for surviving the coming dollar collapse. I personally have more than $1,000,000 of my own money invested in this financial technique, to protect myself and my family… and I strongly recommend that every American with exposure to the dollar devote at least a small amount to this too… BEGINNING IMMEDIATELY.
In fact, I’m on a nationwide campaign to spread the book far and wide… for FREE.
Because in a world full of financial and political lies, I believe every American deserves to know the truth.
That’s why I’ve gone ahead and reserved a free copy of my new book in your name.
It’s on hold, waiting for your response. I just need your permission (and a valid U.S. postal address) to drop it in the mail.
Click here to fill out your address and contact info. If you accept the terms, the book will arrive at your doorstep in just a week or two.
Thanks for your time,
Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.
Coming up we’ll hear an amazing interview with James Rickards, author of Currency Wars, The Death of Money, and now The New Case for Gold . Jim shares his incredible insights into the muddled minds of Fed governors, the ramifications of negative interest rates, and the likelihood of gold going through a significant repricing. Don’t miss an explosive interview with Jim Rickards coming up after this week’s market update.
Gold and silver markets posted modest gains Thursday as strong gains in mining stocks point the way toward potentially brighter days ahead for bullion investors. The HUI gold stocks index broke out of its recent trading range to the upside, finishing Thursday at its highest close of the year. As a group, gold mining equities are now up better than 65% for the year!
Gold stocks are running well ahead of gold spot prices so far in 2016. That bodes well for gold itself. Investors have aggressively bid up mining stocks in anticipation that they will return to profitability. In effect, gold stock investors are betting on rising precious metals prices, which is the major variable that drives miners’ earnings.
Gold prices will need to break out above the $1,280 level to register new highs for the year. As of this Friday morning’s trading, gold comes in at $1,239 an ounce, up 1.3% on the week.
Silver, meanwhile, looks higher by 1.7% this week to trade at $15.33. Silver prices will need to clear the $16.00 level in the days ahead in order to make fresh new 2016 highs. The silver market has lagged recently along with base metals. Copper prices are down more than 4% this week as traders eye a supply glut out of China. With copper production likely to get scaled back in the months ahead, it’s worth keeping in mind that 20% of all silver mined comes as a byproduct of copper mining. It’s yet another factor that could make silver more scarce.
Turning to the platinum group metals, platinum is moving modestly higher, while palladium is acting as this week’s ugly duckling. Platinum prices currently come in at $970 an ounce, up 1.0% this week. The palladium market is looking at a weekly loss of 4.2% with the spot price now trading at $544.
Metals markets seemed to be little affected by the Federal Reserve’s latest policy statement. On Wednesday, Fed officials released the minutes from their March meeting. They vowed a “cautious approach” toward hiking rates, with most Committee members seemingly opposed to making any policy changes at the Fed’s next meeting on April 26-27.
Some of us would certainly like to see some fundamental changes to the way our nation’s monetary policy is handled. And some of the candidates now running for Congress and even the nation’s highest office are on board with auditing the Federal Reserve and instituting sound money reforms. Both Ted Cruz and Donald Trump have at times indicated their support for a gold standard. Here’s what Mr. Trump had to say recently regarding gold.
Donald Trump: Bringing back the gold standard would be very hard to do, but boy would it be wonderful. We (would) have a standard on which to base our money.
As a practical political matter, gold-backed money probably wouldn’t be the first item on Donald Trump’s agenda of things to try to ram through Congress. But at least he’s avowedly favorable to the idea of a gold standard. No President has been since Richard Nixon rescinded gold convertibility. With that, he basically handed over unlimited borrowing ability to Congress and unlimited money printing powers to the Federal Reserve.
Of course, Donald Trump still faces a number of roadblocks to securing the GOP nomination, let alone winning the general election. He has neglected to build a strong organization to this point, hoping to carry the day based on his personality and will. But that’s put him in a weaker positon, particularly as it is now becoming more likely that he will not win a majority of delegates heading into the Republican convention. So now there could be one heck of a fight over delegates. To paper over their own organizational shortcomings, a worried Trump campaign is already accusing the Cruz campaign of trying to steal the nomination.
And both Trump and Cruz backers have good reason to be concerned about the possibility of the GOP establishment moving to deny each of them the nomination. Party bosses could change the rules to give third place John Kasich a path to the nomination. Or they could drop in Mitt Romney or Paul Ryan out of nowhere at the convention, as former House Speaker John Boehner has suggested. Some establishment Republicans feel they are entitled to have a candidate who meets with their approval, regardless of whether the voters approve.
In any event, the contentious and unconventional nature of the 2016 campaign has at least opened up the national discussion to some outside-the-box policy ideas, including gold-based money. Each of the candidates and their economic advisors would be wise to pick up a copy of the new book by Jim Rickards, called The New Case for Gold.
And now, for some fantastic insights on the subject of gold straight from that author’s mouth, let’s get right to this week’s exclusive interview.