A weak US dollar, a possible war between the US and North Korea or the impeachment of Donald Trump could result in one of the longest-ever rallies for gold, according to precious metals expert Jim Rickards.
“This is gold’s breakout year. We are in the third bull market of my lifetime – and we have a very long way to run,” Rickards said in an interview to Kitco News.
The reasons for the forecast gold rally are a possible plunge in the dollar, a US war with North Korea, a trade war with China and President Trump’s impeachment, he said.
These events could push gold prices to $10,000, Rickards said. Gold prices have slumped in recent days after reaching more than a year high of $1,370 last week. On Monday, the commodity was trading at $1,347.
However, a surge may be accompanied by a rise in commodities prices.
“All gold does is it preserves your purchasing power. But, if gold is $5,000, then oil is probably $400, and everything is double or triple, you’re not really ahead of the game,” Rickards said.
The last week’s increase was linked to a statement by US Treasury Secretary Steven Mnuchin, who said on two consecutive days that the US administration favors a weak dollar in trade. The dollar sank to a three-year low on his remarks.
https://www.rt.com/business/417286-gold-dollar-prices-rickards/
Jim Richards fails to recognize the fraud and corruption that will follow the gold rise. Do you honestly think that the 99% will be able to take advantage of any gold spike, maybe if you find buried treasure off the coast of Costa Rica, LMAO!
GOLD has been, and always will be manipulated. Hoard coffee and Jack Daniels, cigarettes and pot, you,’ll be better off, and you won’t be looking like a bloody idiot.
An AK 47 will drop kick gold every day of the week. FK gold. They’re not going to let you have any of it.
Hoard ammo, guns, black powder……….what good is ten thousand dollar gold when there is 15,000 dollar inflation?