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Monday, August 8, 2011

The US could Confiscate the European Gold : Jim Rickards

Jim Rickards : "I tell investors, Gold doesn't ever change value. what this is really telling us is that the dollar is going down. it's the inversion of the dollar. you know, the dollar may go down nominally. all the currencies are going down together against gold and i think that's the significant movement." Jim Rickards, Tangent Capital Partners senior managing director "well, I've been very bullish on the euro. partially because they have 10,000 tons of gold. we have 8,000 tons. they actually have more gold than we do. if you combine Europe, the united states and throw in the IMF for good measure, that's about 70% of all the official gold in the world. who is left out in the cold? the Chinese, Brazilians and the British don't have much gold. as the payroll currencies begin to collapse and you need to go back to a gold backed system which I expect in a matter of years , the people with the Gold , I call the US the Saudi Arabia of the Gold we are a super power in Gold , their Gold (the Europeans ) is in the United States so one of the scenarios ahead is the United States will confiscate European Gold it's what we have done before FDR 1933

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