Mar 05, 2018 Guest(s): Byron King Editor, Agora Financial
The imminent collapse of modern currencies will push gold up to $10,000 an ounce, assuming central banks resort back to a gold-backed monetary system, said Byron King, editor of Jim Rickards' Gold Speculator."If you take the global money supply, back it with 40% gold, you need $10,000 gold to make the math work, and that's just using a 40% backing," King told Kitco News on the sidelines of the PDAC 2018. "And it has to do with the eventual demise of modern currencies."Byron noted that gold stocks at current valuations are much more attractive now than they were two years ago, and said that today's miners are backed by "better numbers" and "smarter geologists.""We are in a new gold bull cycle, we're in a blip of six or eight month downturn, but it will turn around. These are fundamentally good companies with great value behind them," he said.