Third, the BRICs prefer gold for "secret" transactions even though they can't dump it and liquidity is limited. BitCoin still has questions about it.
Lured me back in. BRICs prefer gold over US dollars when trading with fellow members. This is one of many reasons they are stockpiling gold.
This thread has lots of useful information even though (at times) it goes off tangent. Still, a discussion of BRICs and their policy choices HAS to involve a debate on politics -- or rather, their limited financial markets -- as that explains the surge in Central Bank gold buying which is what this thread is about.
Debate on politics? LOL
Have you not been paying attention? The threat from BRICs is their economic union. There are only two BRIC powers to be concerned about politically (but not here) and only because they pose a military threat to the US. However we seem perfectly capable of discussing the US economy without bringing in its political influence on the economy.
Countries with capital controls, tiny bond markets, nonexistent money markets, corrupt and fragile banks, no rule of law, no private property rights, political instability, currencies that drop 50-90% in a few years......these are NOT countries that are a threat to the dollar.
BRICS membership now includes nearly half of the global population. BRIC's GDP, measured by purchasing power parity, has reached US$63.2 trillion, far exceeding the G7's US$52.3 trillion. Believe what you will, but BRICs is successfully finding ways to avoid the dollar and the shear economic size of BRICs now threatnes world dominance of the dollar. With fewer nations wanting to buy US debt, look for our leaders to find ways to pass it on to us.
We have a Central Bank just like every other country. It helps to manage the economy. It can act lightning-fast like during the pandemic whereas fiscal policy takes months or years to impact the economy.
I welcome a central bank until it blatantly takes action to enrich the already rich at the expense of the already poor.
All your stats are meaningless, DerryB....I could give more impressive numbers for the G-7 or G-20 or OECD.
The Fed isn't responsible for income inequality anymore than it is responsible for the adoption of the Designated Hitter in the National League. You DO realize that a hard monetary rule or Gold Standard would crush the Lower Third you wax so poetically over, right ?
Who do you think William Jennings Bryan was talking about when he mentioned being "crucified on a cross of gold" -- THE RICH !!!????!!!???
@GoldFinger1969 said:
All your stats are meaningless, DerryB....I could give more impressive numbers for the G-7 or G-20 or OECD.
The source of those stats is included with the numbers.
The Fed isn't responsible for income inequality anymore than it is responsible for the adoption of the Designated Hitter in the National League.
The FED determines the price of money. How many can afford the same amount of it compared to any length of time in their past? Thanks to someone else my labor buys less than when I got paid for it and the longer I take to spend it the less it buys. Almost like there is a hidden tax. LOL
You DO realize that a hard monetary rule or Gold Standard would crush the Lower Third you wax so poetically over, right ?
I don't support a gold standard. I do support a responsible group of money masters who determine that the prices I pay will not send me to the "lower third." The wolves are in the henhouse.
Who do you think William Jennings Bryan was talking about when he mentioned being "crucified on a cross of gold" -- THE RICH !!!????!!!???
I know who Ron Paul was talking about when he said "audit the FED."
I do support a responsible group of money masters who determine that the prices I pay will not send me to the "lower third."
Bingo.
Anyone who doesn't understand how the Federal Reserve System is designed to transfer wealth to the top 1% of asset holders at the expense of the middle class, while at the same time - driving more people into dependency upon gov.com - is willfully ignorant for a variety of reasons, one of which is that they benefit from some of gov.com's largesse and spending.
Unfortunately, those types of gov.com's recipients fail to understand the benefits of living in a society that has a healthy middle class,
One aspect - the root of the problem is giving a small group of individuals the power to create fiat money at will, with zero accountability. Gold is the natural answer that results in better accountability - something that is entirely lacking in many spheres of our current situation, which is the main reason that gold has been relegated to commodity status for 53 years.
A system that uses credit as the basis for a debt-based fiat money supply is vulnerable to abuse by the ones who run it. The main offender is the banking system that allows people to get in over their heads with borrowed money that is created out of thin air by the same small group of people who control the interest rates at which that money is lent. That is a conflict of interest, plain and simple.
When coho says, "we are weak" (speaking for himself I suppose) it's a confirmation that many people who can't resist the lure of easy money become trapped by the debt when interest rates start to climb. Wash, rinse, repeat. It's a crappy system that needs to be eliminated.
Q: Are You Printing Money? Bernanke: Not Literally
When coho says, "we are weak" (speaking for himself I suppose) it's a confirmation that many people who can't resist the lure of easy money become trapped by the debt when interest rates start to climb. Wash, rinse, repeat. It's a crappy system that needs to be eliminated.
jmski, you make lots of assertions but they aren't true.
Banks aren't benefitting from the control you cite....the Fed isn't working for the Top 1%....a system based on gold would CRUSH the 99% you profess to care about..you want to get rid of credit and banks which would hurt the poor and middle class but not impact the super-rich.
You can rail against a "debt-based fiat money supply is vulnerable to abuse" -- have you got a better one ? Gold and an unchanging price level ? Good luck selling multi-year recessions/depressions -- they used to be called "panics" -- to the American public.
You can think that we'd be better off with an unchanging price level -- or even a barter system -- but if you understood banking, monetary policy, credit, and the economy -- you would think otherwise.
@dcarr said: So what you are saying is, we should take financial advice from a "redneck hillbilly". > No thanks.
If the "redneck hillbilly" is a succesful businessman who knows economics and finance, sure why not.
You don't want to take advice from a financial ignoramus who has never run a business or managed money but spent their entire life in politics taking $$$ from other people.
.
When the "redneck hillbilly" has no credentials whatsoever, they should be discounted all the way down to basically zero.
Of course anyone has the right to comment unless our hosts deem otherwise. I'm done with this thread. @derryb can continue to defend communists and despots, and you can continue to defend him for defending communists and despots. It's just a big CJ anyway, so carryon. 🙄
.
Pointing out what is happening is not the same thing as rooting for it to happen.
I have not read any statement by anyone here indicating that they hope for the demise of America's financial domination.
But if it does happen, it will be slowly in small increments. And a lot of people won't be prepared for it, or even aware of it at first.
@dcarr said: When the "redneck hillbilly" has no credentials whatsoever, they should be discounted all the way down to >basically zero.
JD Vance is a successful businessman and understands economics and finance. Better see him on TV quick....he's so good shooting down these manequins and models that the networks hold out as "experts" they won't be inviting him back in a few months !!
Conversely, his Ohio counterpart, Sherrod Brown, knows nothing of finance, economics, or investing -- he was the lead shill for the Teamsters Pension Bailout of $36 BB -- and he is out come January.
@dcarr said: When the "redneck hillbilly" has no credentials whatsoever, they should be discounted all the way down to >basically zero.
JD Vance is a successful businessman and understands economics and finance. Better see him on TV quick....he's so good shooting down these manequins and models that the networks hold out as "experts" they won't be inviting him back in a few months !!
Conversely, his Ohio counterpart, Sherrod Brown, knows nothing of finance, economics, or investing -- he was the lead shill for the Teamsters Pension Bailout of $36 BB -- and he is out come January.
.
JD Vance has some credentials that are known.
The resident "redneck hillbilly" of this forum has no credentials at all.
@GoldFinger1969 said: Have you studied banking or monetary policy ? I have....the structure of the Federal Reserve System (12 FRBs, FOMC, Board of Governors, rotating heads and voting members, etc.) is pure genius.
.
Their record is abysmal. "Genius" it is not, except for the aspect of enriching their own.
@GoldFinger1969 said: Have you studied banking or monetary policy ? I have....the structure of the Federal Reserve System (12 FRBs, FOMC, Board of Governors, rotating heads and voting members, etc.) is pure genius.
Did you ever wonder where the 1930's mafia went? They figured out a way to appear legit.
Anyone who doesn't understand how the Federal Reserve System is designed to transfer wealth to the top 1% of asset holders at the expense of the middle class, while at the same time - driving more people into dependency upon gov.com - is willfully ignorant for a variety of reasons, one of which is that they benefit from some of gov.com's largesse and spending.
The bottom line on the politically controlled and corrupt Federal Reserve banking system:
When President Nixon took the U.S. dollar off the gold standard in 1971, it
allowed the government to print money at will, leading to endless federal budget deficits
and a devaluation of the dollar. This system has become a weapon in the hands of
those who wish to control and manipulate the economy for their own political end and
their own enrichment, eroding the wealth and freedom of ordinary Americans.
"We are now positioned for an historic (market) crash. The specific cause does not matter – it could be war, natural disaster, a bank or hedge fund collapse or other unexpected event. What matters is the super-fragility of the market when the trigger is pulled. This is why Warren Buffett has over $300 billion in cash and why central banks are buying gold."
"We are now positioned for an historic (market) crash. The specific cause does not matter – it could be war, natural disaster, a bank or hedge fund collapse or other unexpected event. What matters is the super-fragility of the market when the trigger is pulled. This is why Warren Buffett has over $300 billion in cash and why central banks are buying gold."
Rickards has been spewing this end of the world garbage for decades. Amazing that anyone gives any credibility to this clown. SMH!
Calling for a stock market crash is far from spewing end of the world garbage.
About this clown:
Rickards is an American lawyer, economist, and investment banker with 40 years of experience working in capital markets on Wall Street. He was the principal negotiator of the rescue of Long-Term Capital Management L.P. (LTCM) by the U.S Federal Reserve in 1998. His clients include institutional investors and government directorates. His work is regularly featured in the Financial Times, Evening Standard, New York Times, The Telegraph, and Washington Post, and he is frequently a guest on BBC, RTE Irish National Radio, CNN, NPR, CSPAN, CNBC, Bloomberg, Fox, and The Wall Street Journal. He has contributed as an advisor on capital markets to the U.S. intelligence community, and at the Office of the Secretary of Defense in the Pentagon. He has also testified before the U.S. House of Representatives about the 2008 financial crisis.
I suspect he is much more knowledgeable than anyone on this forum. You stick your reliable sources and I'll stick to mine.
He's a used car salesman trying to hawk newsletters to the doom and gloomers. The blindfolded monkey throwing darts at a board has a better track record than this clown. LOL. THKS!
"We are now positioned for an historic (market) crash. The specific cause does not matter – it could be war, natural disaster, a bank or hedge fund collapse or other unexpected event. What matters is the super-fragility of the market when the trigger is pulled. This is why Warren Buffett has over $300 billion in cash and why central banks are buying gold."
Rickards has been spewing this end of the world garbage for decades. Amazing that anyone gives any credibility to this clown. SMH!
OK.... so Rickards is a 'clown' and bad. So a question for the ones on this forum, who seem to think they are experts (or at least cheerleaders for the financial system in place)...... who's an expert we should trust and follow?? Tell us so we can prosper!!
@tincup said:
OK.... so Rickards is a 'clown' and bad. So a question for the ones on this forum, who seem to think they are experts (or at least cheerleaders for the financial system in place)...... who's an expert we should trust and follow?? Tell us so we can prosper!!
No. 1 gold buyers worldwide are all of the people purchasing gold jewelry.
No. 2 are the investment banks, ETFs, and gold bar and coin purchasers.
No. 3 are the world's central banks.
@Goldminers said:
In terms of current annual gold ounce demand:
No. 1 gold buyers worldwide are all of the people purchasing gold jewelry.
No. 2 are the investment banks, ETFs, and gold bar and coin purchasers.
No. 3 are the world's central banks.
How would you rank those in terms of sensitivity to "the best cure for high prices is high prices"?
@derryb said:
Calling for a stock market crash is far from spewing end of the world garbage.
About this clown:
Rickards is an American lawyer, economist, and investment banker with 40 years of experience working in capital >markets on Wall Street. He was the principal negotiator of the rescue of Long-Term Capital Management L.P.
(LTCM) by the U.S Federal Reserve in 1998. His clients include institutional investors and government >directorates. His work is regularly featured in the Financial Times, Evening Standard, New York Times, The >Telegraph, and Washington Post, and he is frequently a guest on BBC, RTE Irish National Radio, CNN, NPR, CSPAN, >CNBC, Bloomberg, Fox, and The Wall Street Journal. He has contributed as an advisor on capital markets to the >U.S. intelligence community, and at the Office of the Secretary of Defense in the Pentagon. He has also testified >before the U.S. House of Representatives about the 2008 financial crisis.
suspect he is much more knowledgeable than anyone on this forum. You stick your reliable sources and I'll stick to >mine.
My friend Joey is one of the greatest baseball players ever, right after Babe Ruth and Ty Cobb. He's read lots of books on baseball....seen BASEBALL by Ken Burns a dozen times...played Little League, High School, and College Ball....plus he has spent several hours a month for 20 years at over 30 batting cages.
That's what your praise for Rickards amounts to, Derry. He MAY be a smart guy -- I don't doubt it -- but unless he can generate alpha and beat the S&P 500 consistently, his "predictions" mean didley.
He's NOT a reliable source. He's a guy with an opinion who is like my friend Joey -- great resume, no results.
@Goldminers said:
In terms of current annual gold ounce demand:
No. 1 gold buyers worldwide are all of the people purchasing gold jewelry.
No. 2 are the investment banks, ETFs, and gold bar and coin purchasers.
No. 3 are the world's central banks.
The World Gold Council puts out annual statistics as I am sure you are aware. Right now, it's the LACK of selling by CB's into a net buying position that has accounted for the rise in gold the last 10-15 years.
I'm not sure jewelry demand is as big as it was in the past. And lots of jewelry isn't for wear, it's to have the gold. I think more people will be buying gold bars, coins, and commemoratives going forward in the OECE and Asia and other continents.
@tincup said:
OK.... so Rickards is a 'clown' and bad. So a question for the ones on this forum, who seem to think they are >experts (or at least cheerleaders for the financial system in place)...... who's an expert we should trust and follow?? >Tell us so we can prosper!!
Steve Cohen, Paul Tudor Jones, David Tepper, and other hedge fund managers who put their money where their mouths are EVERY day unlike folks who issue worthless prognostications.
Fixed-income money managers who underwrite the Dollar's Reserve Currency status such as Jeff Gundlach (DoubleLine), Bill Gross (ex-PIMCO), Rick Reider (BlackRock), ex-Fed Governors like Richard Fischer (Dallas), etc.
There are lots of other guys. Rickards may be a smart guy and maybe he can invest money profitably which would show an understanding of the markets.
Calling for a recession is a 50-50 proposition. Doesn't show anything. Warren Buffet has $300 BB in Treasuries because he can't find a place to put it to use at 60 cents on the dollar. He's had too much cash for 10-15 years now which is why his returns have lagged.
I actually agree with Rickards and he DOES seem like a smart guy. But that doesn't mean he's right. Many of the things he cites are poor market timing tools. On other issues -- like claiming stocks are in a bubble -- he's way off, if you exclude 10 stocks, valuations are middle-of-the-pack.
@derryb said:
Calling for a stock market crash is far from spewing end of the world garbage.
About this clown:
Rickards is an American lawyer, economist, and investment banker with 40 years of experience working in capital >markets on Wall Street. He was the principal negotiator of the rescue of Long-Term Capital Management L.P.
(LTCM) by the U.S Federal Reserve in 1998. His clients include institutional investors and government >directorates. His work is regularly featured in the Financial Times, Evening Standard, New York Times, The >Telegraph, and Washington Post, and he is frequently a guest on BBC, RTE Irish National Radio, CNN, NPR, CSPAN, >CNBC, Bloomberg, Fox, and The Wall Street Journal. He has contributed as an advisor on capital markets to the >U.S. intelligence community, and at the Office of the Secretary of Defense in the Pentagon. He has also testified >before the U.S. House of Representatives about the 2008 financial crisis.
suspect he is much more knowledgeable than anyone on this forum. You stick your reliable sources and I'll stick to >mine.
My friend Joey is one of the greatest baseball players ever, right after Babe Ruth and Ty Cobb. He's read lots of books on baseball....seen BASEBALL by Ken Burns a dozen times...played Little League, High School, and College Ball....plus he has spent several hours a month for 20 years at over 30 batting cages.
That's what your praise for Rickards amounts to, Derry. He MAY be a smart guy -- I don't doubt it -- but unless he can generate alpha and beat the S&P 500 consistently, his "predictions" mean didley.
He's NOT a reliable source. He's a guy with an opinion who is like my friend Joey -- great resume, no results.
>
sounds like your friend joey is fully qualified to coach/teach baseball. Does he need to still be hitting homeruns to get a coaching offer. Rickards is a reliable source because of his experience and knowledge. Can you match it? And back up your claim of "no results" when so many big name outfits turn to him for advice. LOL
If you're not going to listen to smart people then you will always be dumb.
@derryb said:
If you're not going to listen to smart people then you will always be dumb.
We know nothing of his "smarts." He clearly understands financial markets and economics, but that doesn't necessarily translate into good investment returns which is all that matters.
If he has no track record to speak of, he's not the best source of information.
"You are what your record says you are" -- Bill Parcells, NFL coach
Comments
Lured me back in. BRICs prefer gold over US dollars when trading with fellow members. This is one of many reasons they are stockpiling gold.
Debate on politics? LOL
Have you not been paying attention? The threat from BRICs is their economic union. There are only two BRIC powers to be concerned about politically (but not here) and only because they pose a military threat to the US. However we seem perfectly capable of discussing the US economy without bringing in its political influence on the economy.
BRICS membership now includes nearly half of the global population. BRIC's GDP, measured by purchasing power parity, has reached US$63.2 trillion, far exceeding the G7's US$52.3 trillion. Believe what you will, but BRICs is successfully finding ways to avoid the dollar and the shear economic size of BRICs now threatnes world dominance of the dollar. With fewer nations wanting to buy US debt, look for our leaders to find ways to pass it on to us.
US agencies, such as Social Security (holding $2.6 Trillion in US debt), own 20% ($7 Trillion) of all US debt. What do you think will happen when foreigners realize (most already do) that they do not want paper promises from someone who owes $36.9 Trillion? Add to that the fact the US has shot itself in the foot with sanctions that literally stole money from its lenders?
I welcome a central bank until it blatantly takes action to enrich the already rich at the expense of the already poor.
Well that didn't take long. LOL! THKS!!
some heads are harder than others. Happy Holidays.
All your stats are meaningless, DerryB....I could give more impressive numbers for the G-7 or G-20 or OECD.
The Fed isn't responsible for income inequality anymore than it is responsible for the adoption of the Designated Hitter in the National League.
You DO realize that a hard monetary rule or Gold Standard would crush the Lower Third you wax so poetically over, right ?
Who do you think William Jennings Bryan was talking about when he mentioned being "crucified on a cross of gold" -- THE RICH !!!????!!!???
The source of those stats is included with the numbers.
The FED determines the price of money. How many can afford the same amount of it compared to any length of time in their past? Thanks to someone else my labor buys less than when I got paid for it and the longer I take to spend it the less it buys. Almost like there is a hidden tax. LOL
I don't support a gold standard. I do support a responsible group of money masters who determine that the prices I pay will not send me to the "lower third." The wolves are in the henhouse.
I know who Ron Paul was talking about when he said "audit the FED."
I do support a responsible group of money masters who determine that the prices I pay will not send me to the "lower third."
Bingo.
Anyone who doesn't understand how the Federal Reserve System is designed to transfer wealth to the top 1% of asset holders at the expense of the middle class, while at the same time - driving more people into dependency upon gov.com - is willfully ignorant for a variety of reasons, one of which is that they benefit from some of gov.com's largesse and spending.
Unfortunately, those types of gov.com's recipients fail to understand the benefits of living in a society that has a healthy middle class,
One aspect - the root of the problem is giving a small group of individuals the power to create fiat money at will, with zero accountability. Gold is the natural answer that results in better accountability - something that is entirely lacking in many spheres of our current situation, which is the main reason that gold has been relegated to commodity status for 53 years.
A system that uses credit as the basis for a debt-based fiat money supply is vulnerable to abuse by the ones who run it. The main offender is the banking system that allows people to get in over their heads with borrowed money that is created out of thin air by the same small group of people who control the interest rates at which that money is lent. That is a conflict of interest, plain and simple.
When coho says, "we are weak" (speaking for himself I suppose) it's a confirmation that many people who can't resist the lure of easy money become trapped by the debt when interest rates start to climb. Wash, rinse, repeat. It's a crappy system that needs to be eliminated.
I knew it would happen.
Are China's Big Gold Purchases For Protection Against The Dollar... Or To Attack It?
Yep, more news about BRICs' attack on the dollar. Nope, I'm not a China cheerleader. LOL
Shoot the message, not the messenger.
Apparently the "we's" outnumber the "Us's."
Maybe he is "them"?
jmski, you make lots of assertions but they aren't true.
Banks aren't benefitting from the control you cite....the Fed isn't working for the Top 1%....a system based on gold would CRUSH the 99% you profess to care about..you want to get rid of credit and banks which would hurt the poor and middle class but not impact the super-rich.
You can rail against a "debt-based fiat money supply is vulnerable to abuse" -- have you got a better one ? Gold and an unchanging price level ? Good luck selling multi-year recessions/depressions -- they used to be called "panics" -- to the American public.
You can think that we'd be better off with an unchanging price level -- or even a barter system -- but if you understood banking, monetary policy, credit, and the economy -- you would think otherwise.
.
I knew it would happen.
I do that sometimes also.....write out a long explanation then delete it. I figure , "why bother"?
.
When the "redneck hillbilly" has no credentials whatsoever, they should be discounted all the way down to basically zero.
.
.
Pointing out what is happening is not the same thing as rooting for it to happen.
I have not read any statement by anyone here indicating that they hope for the demise of America's financial domination.
But if it does happen, it will be slowly in small increments. And a lot of people won't be prepared for it, or even aware of it at first.
.
JD Vance is a successful businessman and understands economics and finance. Better see him on TV quick....he's so good shooting down these manequins and models that the networks hold out as "experts" they won't be inviting him back in a few months !!
Conversely, his Ohio counterpart, Sherrod Brown, knows nothing of finance, economics, or investing -- he was the lead shill for the Teamsters Pension Bailout of $36 BB -- and he is out come January.
.
JD Vance has some credentials that are known.
The resident "redneck hillbilly" of this forum has no credentials at all.
.
.
Their record is abysmal. "Genius" it is not, except for the aspect of enriching their own.
.
Did you ever wonder where the 1930's mafia went? They figured out a way to appear legit.
I do that sometimes also.....write out a long explanation then delete it. I figure , "why bother"
I did write out a nice, long rebuttal - but you're correct - I figured, "why bother, it's over his head".
I knew it would happen.
A "QE" by any other name is still a "QE"
Another chance at a "Special Stimulus" offering if you missed the first one.
The bottom line on the politically controlled and corrupt Federal Reserve banking system:
When President Nixon took the U.S. dollar off the gold standard in 1971, it
allowed the government to print money at will, leading to endless federal budget deficits
and a devaluation of the dollar. This system has become a weapon in the hands of
those who wish to control and manipulate the economy for their own political end and
their own enrichment, eroding the wealth and freedom of ordinary Americans.
James Rickards:
"We are now positioned for an historic (market) crash. The specific cause does not matter – it could be war, natural disaster, a bank or hedge fund collapse or other unexpected event. What matters is the super-fragility of the market when the trigger is pulled. This is why Warren Buffett has over $300 billion in cash and why central banks are buying gold."
Rickards has been spewing this end of the world garbage for decades. Amazing that anyone gives any credibility to this clown. SMH!
Calling for a stock market crash is far from spewing end of the world garbage.
About this clown:
Rickards is an American lawyer, economist, and investment banker with 40 years of experience working in capital markets on Wall Street. He was the principal negotiator of the rescue of Long-Term Capital Management L.P. (LTCM) by the U.S Federal Reserve in 1998. His clients include institutional investors and government directorates. His work is regularly featured in the Financial Times, Evening Standard, New York Times, The Telegraph, and Washington Post, and he is frequently a guest on BBC, RTE Irish National Radio, CNN, NPR, CSPAN, CNBC, Bloomberg, Fox, and The Wall Street Journal. He has contributed as an advisor on capital markets to the U.S. intelligence community, and at the Office of the Secretary of Defense in the Pentagon. He has also testified before the U.S. House of Representatives about the 2008 financial crisis.
I suspect he is much more knowledgeable than anyone on this forum. You stick your reliable sources and I'll stick to mine.
He's a used car salesman trying to hawk newsletters to the doom and gloomers. The blindfolded monkey throwing darts at a board has a better track record than this clown. LOL. THKS!
.> @blitzdude said:
He needs to see a barber.
OK.... so Rickards is a 'clown' and bad. So a question for the ones on this forum, who seem to think they are experts (or at least cheerleaders for the financial system in place)...... who's an expert we should trust and follow?? Tell us so we can prosper!!
RGDS!
Charles Payne - His business is making money!
In terms of current annual gold ounce demand:
No. 1 gold buyers worldwide are all of the people purchasing gold jewelry.
No. 2 are the investment banks, ETFs, and gold bar and coin purchasers.
No. 3 are the world's central banks.
My US Mint Commemorative Medal Set
How would you rank those in terms of sensitivity to "the best cure for high prices is high prices"?
My friend Joey is one of the greatest baseball players ever, right after Babe Ruth and Ty Cobb. He's read lots of books on baseball....seen BASEBALL by Ken Burns a dozen times...played Little League, High School, and College Ball....plus he has spent several hours a month for 20 years at over 30 batting cages.
That's what your praise for Rickards amounts to, Derry. He MAY be a smart guy -- I don't doubt it -- but unless he can generate alpha and beat the S&P 500 consistently, his "predictions" mean didley.
He's NOT a reliable source. He's a guy with an opinion who is like my friend Joey -- great resume, no results.
The World Gold Council puts out annual statistics as I am sure you are aware. Right now, it's the LACK of selling by CB's into a net buying position that has accounted for the rise in gold the last 10-15 years.
I'm not sure jewelry demand is as big as it was in the past. And lots of jewelry isn't for wear, it's to have the gold. I think more people will be buying gold bars, coins, and commemoratives going forward in the OECE and Asia and other continents.
Steve Cohen, Paul Tudor Jones, David Tepper, and other hedge fund managers who put their money where their mouths are EVERY day unlike folks who issue worthless prognostications.
Fixed-income money managers who underwrite the Dollar's Reserve Currency status such as Jeff Gundlach (DoubleLine), Bill Gross (ex-PIMCO), Rick Reider (BlackRock), ex-Fed Governors like Richard Fischer (Dallas), etc.
There are lots of other guys. Rickards may be a smart guy and maybe he can invest money profitably which would show an understanding of the markets.
Calling for a recession is a 50-50 proposition. Doesn't show anything. Warren Buffet has $300 BB in Treasuries because he can't find a place to put it to use at 60 cents on the dollar. He's had too much cash for 10-15 years now which is why his returns have lagged.
I actually agree with Rickards and he DOES seem like a smart guy. But that doesn't mean he's right. Many of the things he cites are poor market timing tools. On other issues -- like claiming stocks are in a bubble -- he's way off, if you exclude 10 stocks, valuations are middle-of-the-pack.
>
sounds like your friend joey is fully qualified to coach/teach baseball. Does he need to still be hitting homeruns to get a coaching offer. Rickards is a reliable source because of his experience and knowledge. Can you match it? And back up your claim of "no results" when so many big name outfits turn to him for advice. LOL
If you're not going to listen to smart people then you will always be dumb.
We know nothing of his "smarts." He clearly understands financial markets and economics, but that doesn't necessarily translate into good investment returns which is all that matters.
If he has no track record to speak of, he's not the best source of information.
"You are what your record says you are" -- Bill Parcells, NFL coach
What if he's the smartest in the room?
and what if he's not.
Then he's probably in a room with you.
