Saturday, July 25, 2015

Jim Rickards Latest Webinar and Recent Interviews

Jim does a monthly free webinar to answer questions from listeners. Below is a summary of the most recent webinar and also links to a couple of his most recent interviews. He talks about the recent drop in the price of gold and the prospect of deflation. In the second interview on Fox, Jim states clearly that he believes China has much more gold than they recently disclosed. He repeats that he feels China understated its gold holdings to appease the IMF who is looking at possibly adding the Yuan into the SDR currency basket later this year.


The Gold Chronicles: July 16 , 2015 Interview with Jim Rickards

*Comments on co-Keynote with Former Fed Chairman Ben Bernanke
*Comments on recent experience and invitation to Pentagon hosted financial wargames
*As predicted, there has been no Grexit
*Bank holidays is a standard way of dealing with financial crisis, people should consider preparing ahead of time
*Greece and Cyprus have been dry runs for how to deal with crisis on a much larger scale
*The China market crash is on-going, this has just begun and will continue for a time
*The extraordinary effort put forth by the Chinese government to halt the crash will not work over the long term
*The greater issue here is whether this turns into a social problem within China
*The most recent Pentagon wargame was specifically focused on China
*Other countries are now building their own systems which circumvent things like SWIFT so that they are able to function without it
*This wargame was more focused than the last, and the Pentagon is taking financial warfare very seriously
*Why a gold market corner is unlikely
*What large futures positions in gold by major institutions probably means
*Movement of unallocated gold in banks to allocated gold in private storage
*People are taking gold out of banks because they are losing confidence in the banking system and putting it into private storage
*Fourth quarter is traditionally a seasonally good time for gold
*The only reason the Fed will raise rates is if inflation remains weak, period, full stop
*The dollar price of gold continues to go down, this is probably a good entry point
*The Fed always follows the market, it doesn’t lead the market. If Yellen raises rates in a weak economy it would be a disaster
*Fed rate increases are always conditional on data, and we are not getting to any of the levels Yellen has specified in the past
*Bernanke describes the international monetary system as “incoherent”, and he is involved with the IMF and Sec. Treasury on China voting rights with the IMF
*Expectation is that China will be included in the SDR in the fall of 2015
*Bernanke says that everything the Fed had done since 2008 during his tenure had been an experiment

Added notes:

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