Jim Rickards: Gold is Money ($7,000 Gold Price)

[TWSceptic]

@jjason23296 Oh now we're going to cherry pick to prove a point, in that case let's look at stocks and how many people have lost ALL of their money, or even the people who saw their money turn into worthless toilet paper during hyperinflation, yeah that's much better isn't it? If anything, paper money is overrated. It's not worth the paper it's not printed on. You have been brainwashed by the government buddy, inflation is stealing your wealth Bernanke & Obama fuck you in the ass, poor guy LOL

[jjason23296]

@TWSceptic No shit shirlock! You can't buy a happy meal with Solandra stock any more than you can with you test tub of gold flakes lol that should tell you something.the thing is even a stock or share that reduces in value still produces a tangible good or service someone somewhere will use to live. Gold doesn't produce anything and it's value is based on the same speculative drive that creates every other bubble that goes bust every 10 years.

[ytgv3fc7]

@jjason23296 money isn't ever based on "what something produces" it's based on something already produced.

Gold isn't producing, it's already produced. That's why it's good money.

a gold MINE is producing (at best) or defunct & losing money (worst). Positive production is investment return, not money. It's priced in money but it is not money itself.

[jjason23296]

@ytgv3fc7 Yes I agree but however you misunderstood my comment I wasn't implying that moneys value is derived from what it.I was responding to a Ron Paul fan boy who makes the suggestion that we'd be better off if everyone bought gold instead of investing in stock. My point is that if everyone did this nothing would be produced.

[ytgv3fc7]

@jjason23296 oh right, I see what you mean. Well if one was to save in gold, as it is savings more than investment, you'd be saving for later. Once there was a trade off of gold (money) for investing (good companies) something would be produced (a lot). Mind you there's always bad investments waiting to vacuum up some cash.

[jjason23296]

@ytgv3fc7 The problem with this assertion is that currently gold value is measured in dollars. If we switched to a gold standards there wouldn't be enough gold in existence to back the wealth of every american.Not only that in a globalist economy gold would be shipped overseas with every purchase an american makes thus reducing the money supply to unsustainable rates.

[ytgv3fc7]

@jjason23296 dollars will soon be a poor metric, and an abandoned metric. There is enough gold always simply by gold's price being changed. If at today's price you'd be short-fall of 50% then double the gold price and this is a stable economy. In reality it's 7000/oz gold equivalent purchasing power which is stable. Non-producing economies WILL die under ALL futures: gold OR hyperinflation. This MUST happen. America IS dust. This is not a choice. It's a done deal in all futures

[rpbajb]

I just finished his new book. It is very good. This man is very connected, but doesn't appear to be a member of TPTB. Very unusual.

[sickayda]

these guys have the deadliest advise i have ever heard, insane in comparison to what is about to happen to us if we attack Iran, it will be the end of the world as the myan predicted, with all the help from the elite satanists

[rpbajb]

Jim, come'on! Acid does not destroy gold, it merely dissolves it. The gold is still present, and can be re-purified. High explosives simply scatters it. Gold is indestructible to anything less than a nuclear transformation into another element.

[lanastus123]

Gold has a geological rareity, these CNBC fools can't get their heads around that??

[zinkerled]

You can't grow gold in your backyard you fucking cnbc retard.

[nomoreserfs]

Comparing gold to beans? Are you really that dumb CNBC? Read up on your monetary history you morons. Geeeez! "Paper is poverty,... it is only the ghost of money, and not money itself." Thomas Jefferson.

[sickayda]

@nomoreserfs beautiful keep posting great comments!!

[RicPhlare]

Another good vid of Jim Rickards making sense around the wall street cheerleaders at CNBC. At least the earlier crew with Becky Quick and Joe Kernan are respectful and have the odd revelation when Jim is on. Other than great boobs, there's no reason to have Caruso-Cabrera on television. There is no reason for the guy in the purple shirt to exist - "computing power"??? WTF.

[christopherw303]

@doomz78 gold may be considered the traditional money of aristocracy and central banks, but common people have seldom been able to afford very much gold- it's simply too rare and precious.

As a result, the use of silver coins has been much more common, historically. That is why the words for "money" and "silver" are one and the same in over a dozen major languages.

Buy muni bonds? And earn- maybe- 2% per annum, when silver is skyrocketing 5% in a single day?! You're the crazy one, hot shot.

[goldengyrl2010]

Well you believe what you want and I'll believe what I want okay.

[SuperiorBullion]

Money is simply a means of exchange. Almost anything can be used as money, and almost everything has, at one point or another in history.

Yes, Gold and Silver are money; however, all of this talk of a new gold standard is nonsense. It doesn't matter what you are using to back your currency; if a nation's money supply is always issued as interest-bearing debt (as it is today), its monetary system will never be sustainable, period.

[goldengyrl2010]

@SuperiorBullion You are so full of shit. Money is way more than exchange (that would be barter). Why are central banks around the world stock piling gold. Chavez just ordered Venezuela's gold be delivered and other countries will soon follow. Gold (and silver) is the only money that is valued around the world. Whatever you think of gold no other anything has outperformed gold over the last week, month, year or decade.

[christopherw303]

@goldengyrl2010 Please allow me to clarify. By "means of exchange" I mean simply a medium with which to conduct transactions. Throughout history, items such as cigarettes, seashells, and even wooden sticks have served this purpose.

Can Gold be used as money? Yes, but it's not very common, and it never really has been- at least not to the extent that Silver has. A gold standard might work, but not if out gov't was required to repay the central bank more gold then it was lent to begin with.

[christopherw303]

@goldengyrl2010 To answer your first question more directly, central banks (and investors) are stockpiling gold because it is a valuable reserve asset, which can be used to settle transactions.

Is Gold the only reserve asset known to man? Of course not!

In America, for instance, our Gov't holds title to vast, untapped reserves of copper, oil, uranium, and other natural resources, that are worth Trillions. These assets are just as important to the strength of the dollar as our gold ever was.