The Gold Chronicles: July 16 , 2015 Interview with Jim Rickards

Jim Rickards, Gold Chronicles July 16th, 2015:

*Comments on co-Keynote with Former Fed Chairman Ben Bernanke
*Comments on recent experience and invitation to Pentagon hosted financial wargames
*As predicted, there has been no Grexit
*Bank holidays is a standard way of dealing with financial crisis, people should consider preparing ahead of time
*Greece and Cyprus have been dry runs for how to deal with crisis on a much larger scale
*The China market crash is on-going, this has just begun and will continue for a time
*The extraordinary effort put forth by the Chinese government to halt the crash will not work over the long term
*The greater issue here is whether this turns into a social problem within China
*The most recent Pentagon wargame was specifically focused on China
*Other countries are now building their own systems which circumvent things like SWIFT so that they are able to function without it
*This wargame was more focused than the last, and the Pentagon is taking financial warfare very seriously
*Why a gold market corner is unlikely
*What large futures positions in gold by major institutions probably means
*Movement of unallocated gold in banks to allocated gold in private storage
*People are taking gold out of banks because they are losing confidence in the banking system and putting it into private storage
*Fourth quarter is traditionally a seasonally good time for gold
*The only reason the Fed will raise rates is if inflation remains weak, period, full stop
*The dollar price of gold continues to go down, this is probably a good entry point
*The Fed always follows the market, it doesn’t lead the market. If Yellen raises rates in a weak economy it would be a disaster
*Fed rate increases are always conditional on data, and we are not getting to any of the levels Yellen has specified in the past
*Bernanke describes the international monetary system as “incoherent”, and he is involved with the IMF and Sec. Treasury on China voting rights with the IMF
*Expectation is that China will be included in the SDR in the fall of 2015
*Bernanke says that everything the Fed had done since 2008 during his tenure had been an experiment



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