14:58if you’re looking ahead of the elections15:00do you think that the outcome of the15:01elections either way15:03would influence foreign policy going15:05forward and as a result15:07foreign countries decisions to hold more15:09or less gold15:11absolutely i mean we’re working on a15:13report right now15:15on the implications of the election for15:17for gold and precious metals15:19uh and you have like four different15:22scenarios on how things15:23shake out but definitely i mean you know15:26this15:27administration has um15:30excelled in its ability to reduce the us15:34stature around the world15:36and to create hostile relationships with15:39countries around the world15:41it’s had a negative effect on cpm group15:43because15:44there are people who don’t want to deal15:46with u.s companies15:49and and so i think a change in the15:51administration15:53while it wouldn’t be a 180 degrees turn15:55because15:56there are people in the democratic party15:58including joe biden15:59who will probably retake retain would16:02retain16:03some sort of hostile posture toward16:06china16:06it may be less hostile than the current16:09one and it may be less hostile toward16:11canada16:12and and other countries around the world16:15so you should see16:17if you saw a change in the16:18administration and a change in the16:20senate16:20you should see some improvement in the16:23u.s relations with16:25the rest of the world but there’s been a16:27tremendous amount of damage16:30done to the u.s stature globally16:34and it’s probably not going to get16:36changed by one16:37by a change of government for four years16:40do you think the us dollar then going16:42forward could lose its status as a de16:45facto reserve currency of the world16:47because you see another currency16:49challenging that status16:51as i said the part of the problem is16:53that the u.s owes the world so much16:55it owns it we have 62 percent of16:58monetary reserves17:01the u.s dollar will lose its stature17:04as the reserve currency in the future17:08the future may be 50 years from now and17:12it is it not it is reversible17:15this could not happen if the u.s17:18government got its act together but i17:19have17:20no hopes for that well if the u.s if the17:23u.s loses that status17:24who’s what’s going to take over who or17:26what well i was getting to that17:28as i said earlier most central banks in17:31the world17:32see as an ideal a multi-polar17:36international currency regime they17:38understand that it will take17:40decades to get there because of the17:42imbalance and liquidity between the17:44dollar and17:44all of the other currencies in the world17:47yeah17:4862 percent of their money of their forex17:51is in dollars that means that there’s17:53only 38 percent and everything else17:55they have to slowly make that transition17:58away17:59no government wants to see18:02its currency replace the dollar as the18:05reserve currency18:06what they’d like to see is a multi-polar18:09international currency regime18:11where people are free and companies and18:14governments are free18:15and there’s sufficient liquidity in18:17non-dollar currencies18:19that you can own and hold a portion of18:22your wealth18:24in those other currencies a greater18:26proportion of it18:27no one like if you talk to the chinese18:29central bankers if you talk to18:31other central bankers in around the18:34world18:34no one expects the dollar to disappear18:37as a18:38quote de facto reserve currency18:41but they‘d like to see it disappear as18:43the de facto current18:45reserve currency but they’re fully aware18:48that this is something that’s going to18:50take decades to execute18:52if it can be done okay you brought up18:55china i’m surprised to see that china18:57was relatively low on the list18:59when you’re talking about their19:00percentage of foreign reserves19:02in gold holdings it’s only four percent19:04of the foreign reserves in gold19:06are you surprised at how low that number19:08is19:09no um i’m not surprised i19:12i should ask you why you’re surprised19:14that it’s high19:15but you know china that should the19:18people’s bank of china for19:20decades had a view that gold was a small19:22and insignificant portion of its19:24monetary reserves19:26it changed that view in 2015 at a time19:29when it rolled out19:30a massive acceleration of19:33its efforts to make the rmb19:37more of an international currency it’s19:39still not you know fully convertible19:41but they expanded the daily trading19:43ranges and they expanded the longer term19:45trading ranges that they found19:47acceptable on the rmb19:49they started encouraging rmb19:52bonds offshore being issued offshore19:56and they said okay we’re adding some19:59gold to our reserves and we’re going to20:01continue to buy gold because20:02we see gold as a small but significant20:05part of our monetary reserve policy20:08going forward20:08now this was in 2015 and it’s very20:11important to understand that that was20:13after 2008 and 2009 when the u.s20:16treasury20:17basically stuffed everybody else and20:20protected20:21the bankers or the executives at the20:23banks uh20:24in the us and and so this was a direct20:27reaction20:28to the inappropriate behavior that the20:31us20:32treasury had during the financial the20:34global financial crisis20:36uh and and the chinese central bank20:39basically said we have to accelerate our20:41effort20:42to help move toward that multi-polar20:45currency20:46regime that we all would like to see in20:48the long run20:50uh and so they started adding their goal20:52if you go back to 201520:54they probably had about 1.1 1.3 percent20:58of their reserves in gold so the fact21:01that it’s up to four percent21:02and the fact that they have like three21:04trillion dollars of dollar reserve21:06of of foreign exchange reserves means21:08that it’s going to be a slow transition21:10as they add gold to it and as i said21:12they’re very price sensitive21:14they pulled out of buying gold for about21:1615 months a few years ago21:18then they came back and they were buying21:20but then they pulled back at the end of21:22201921:23and they haven’t reappeared they said21:25you know in the past they said21:27we’ll buy gold below a thousand when21:29gold went over a thousand they21:31didn’t buy any gold for several years21:33then they increased their threshold21:35and they knew they were buying uh and21:37then when the price started rising this21:39year they said no21:40you know we’re going to wait finally21:41jeff with everything that’s happened21:43this year and in particular with the um21:46central bank activity or slowdown of21:48central bank buying activity21:49do you think the run-up of gold prices21:52to two thousand dollars21:53all-time highs has made sense to you do21:55you think valuations are21:57correct as they should be right now yeah22:00i think they are22:01uh you know obviously the trend of the22:04next year or two is going to depend on22:06several things the outcome of the us22:08elections for the senate as well as the22:10presidency22:11brexit is coming up the pandemic which22:14is getting worse in europe now and is22:16expected to get much worse in the united22:18states22:18there are a lot of negative factors22:20there uh that fully support the idea of22:23a two thousand dollar22:24gold price now i wouldn’t be surprised22:27to see the price of gold22:28spike up higher on a short-term basis uh22:31then maybe plateau depending on what22:33happens politically22:35uh but we expect higher prices later22:37like22:382023 2025 because22:41none of these things are being solved22:43would you have a long-term price target22:45in mind22:47we’re looking at a gold price that is22:50very significantly higher than it is22:53today22:54all right perfect jeff jeff i want to22:57thank you so much for uh speaking with22:58me today that was a fascinating talk23:00thank you for your time thank you for23:02your time23:03and thank you for watching kiko news23:05we’ll have much more coverage for you23:06at the denver gold form stay tuned23:34you
Jim Rickards, legendary gold expert, says soon 👉YOU MIGHT NOT BE ABLE TO BUY GOLD AT ANY PRICE!! 👈I reveal the insider information YOU NEED to understand Jim Rickards reasoning and determine if you should buy gold now or wait. And how gold could go to 100k an ounce!! Jim Rickards is the foremost expert on the price of gold, when he talks the markets listen and YOU SHOULD TOO. If you’ve followed his work you know Jim Rickards is one of the premier macro thinkers in the world. And if you don’t know who Jim Rickards is, you need discover his ideas RIGHT NOW. Understanding and listening to Jim Rickards now, could save and make you a lot of money in the future.
Jim Rickards is a heavy hitter in the world of macro economics and gold. He’s revered as one of the top thinkers in the country and he’s made some huge calls on the price of gold saying it can easily to to $10,000 to $50,000 an ounce. Jim Rickards comes to that conclusion in a very scientific manner. It’s really just about math.
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