Could Gold Reach $10,000 Per Ounce?
Jim Rickards, a financial lawyer and consultant for the U.S. government is warning Americans about another immanent economic collapse and is urging all savers and investors to own gold before it goes to $10,000 per ounce.
It is difficult to find another financial expert with as much credibility and foresight as Jim Rickards. He is a multi-bestselling author with a stellar track record. In 2011 Jim accurately predicted how all the world’s largest countries would begin to devalue their currencies when he wrote his book Currency Wars: The Making of the Next Global Crisis.
Just 5 short years later, Mr. Rickards has been proven correct as an article in Bloomberg explains, “Crazy as it sounds, several of Europe’s central banks have cut key interest rates below zero and kept them there for more than a year. Now Japan is trying it too.”
But Jim’s latest prediction is even more dire. He contends, “It’s very clear, and you can prove this scientifically. The next collapse will be bigger than anything in history or maybe since the Bronze Age or the fall of the Roman Empire…”
He believes the next financial crisis will affect small investors who assume what has worked for decades will keep working and he’s urging everyone to protect their savings by purchasing physical gold while they still can.
As Jim explains, “Get some gold now. Don’t wait for the panic. Don’t wait for the prices to spike because you won’t get it when the buying panic kicks in. So, get your gold now, and put it in a safe place. Gold is non-digital. You can’t hack it. You can’t erase it. You can’t freeze it. That will see you through the crisis.”
Mr. Rickards goes on to say, “I have a technical level for gold, it is $10,000 U.S. per ounce. The amount gets bigger over time because it’s a ratio of physical gold to printed money. The amount of physical gold doesn’t go up very much, but printed money goes up a lot so the dollar target goes up more over time because of all the money printing… $10,000 per ounce is mathematically derived and is not a guess.”
The $10,000 per ounce figure Jim mathematically derived is if the U.S. dollar is converted into gold in the case of a global run on paper currencies. In this scenario, the Federal Reserve could offer to swap all the roughly $2.4 trillion Treasury bonds it holds for all the gold owned by the U.S. Treasury. This leaves a new dollar-to-gold ratio of $9,677.
Jim isn’t the only one betting on a surge in gold. Former vice chairman of Goldman Sachs, John Thorton who now runs Barrick Gold, recently purchased three tons of physical gold for its house account.
Stanley Druckenmiller, one of the most successful investors over the last 30 years, now holds about 30% of his portfolio in gold.
Even Wall Street’s top hedge-fund managers are accumulating gold at a pace never seen before. John Paulson now owns several gold-mining companies. Paul Singer has stated that gold is the only real money. And Ray Dalio, founder of Bridgewater, the largest hedge fund in the world, says, “If you don’t own gold, you know neither history nor economics.”
Porter Stansberry, the founder of the world’s largest independent financial research firm Stansberry Research recently alerted over 1 million of his subscribers of this trend, “Billionaires are suddenly hoarding gold and expounding on its role in history. Doesn’t that make you wonder what’s really going on behind the scenes?” When the smart money starts piling in, it’s time for the retail investor to take act before it is too late.
It is impossible to predict where the price of gold will go and at Berkshire Gold Direct we would be happy to see year over year increases. Find out what options you have available for owning physical gold by calling one of Berkshire Gold Direct’s trusted specialists.
Whether you’re looking to store gold privately or in a self-directed IRA, BGD has the answers you’re searching for. So call now at 1.800.614.8221.
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