Jim Rickards Says Brace Yourself for the New Great Depression; Strong Hands Watching Gold
In a liquidity crisis, everybody sells everything, explains best-selling Currency Wars author Jim Rickards. "But if you're losing money in stocks, people sell gold to make the margin calls," he says on why we may see dips in the gold price. "So, gold does go down, but strong hands are watching and they come in and buy."
Rickards is forecasting a major bullish forecast for gold. With prices closer to $15,000 an ounce, the yellow metal is currently trading around $1,900 an ounce. The author also speaks of the coming new great depression, which he says has risks of an increase in urban riots. "Everything that is happening now I forecasted," says Rickards.
Jim Rickards is a lawyer, investment banker and economist with over thirty years' experience in capital markets. He is currently Chief Global Strategist at Meraglim. He advises the Department of Defense, the U.S. intelligence community, and major hedge funds on global finance, and served as a facilitator of the first ever financial war games conducted by the Pentagon. A frequent guest on financial news programs, Rickards is also the author of The New York Times bestselling novels Currency Wars: The Making of the Next Global Crisis