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I'm hearing from several sources that fiat money has about run its course and the natural fallback is gold. The $10,000- $20,000 figure is 40-to 60% gold backed.

What I believe is that govs and central banks are backed into a corner of ZIRP because of sovereign debt and promoting cashless as a means to keep a run on the back from occurring.

It will be big money's flight to gold that forces their hand to a similarly based currency not the actions of us peons.

When it happens the transition will be brutal for many but in the long run it will benefit the middle class freedom loving peoples of the world.

Consider this a currency backed in part by gold can only increase the supply with an increase in production. Look at the feel good non productive social programs since Nixon closed the gold window. EPA, Dept of Education, Dept of Energy, EEOC, OSHA, the many welfare programs, affirmation action, and look at how other depts have changed since that date or how many laws such as banking regulations that invades privacy. I'm referring here to the forefiture and the $10,000 cash withdrawal limits in particular. Homeland Security and NDAA I believe its called.

Most of these and many more bring nothing of monetary value to the table and would have to be modified or eliminated under an honest gold back monetary system.

Neither Rickards nor the others saying this are giving a timeline only that it is sure to happen and all say only have no more than 20% invested in gold.

One oddity to me is that gold's prices have remained higher than their norm since the gold window closed in 1971-72? The last nearly 50 years has seen gold rise during a crisis and then fall back to a range of $400 except after '09 where it has remained above a $1,000 aligned with QE?

By all accounts we have been in a bull market for 7 years and are due for a bear run and a run up in gold/silver prices. I listened to almost 3 hour presentation last night (not by Rickards) on this. One interesting thing that was said was at the height of the crisis in '08-'09 gold briefly bottomed due to traders holding it as a hedge and then having to use it for margin calls.

At any rate one would expect the price of gold to double in the next 2-3 years as more banks go to zero interest rates and a natural market correction from the bull run and the national election.
 

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I probably sound like a parrot about this, but Harry Dent says gold is going down to $700. ;) So which one is it, $50,000 or $700? Harry Dent says all hell is about to break loose, or something to that effect. He said he will even stake his career on this prediction. I thought that seemed rather strong. I will have to find that video. Dent and Rickards probably agree on a lot but not about the price of gold when the big crash happens. :headshake: Rickards does have a new book out: "The New Case for Gold".
 

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I probably sound like a parrot about this, but Harry Dent says gold is going down to $700. ;) So which one is it, $50,000 or $700? Harry Dent says all hell is about to break loose, or something to that effect. He said he will even stake his career on this prediction. I thought that seemed rather strong. I will have to find that video. Dent and Rickards probably agree on a lot but not about the price of gold when the big crash happens. :headshake: Rickards does have a new book out: "The New Case for Gold".
Which crystal ball does he use? $50k or $700 gold, if we knew the answer we'd all be gazillionaires.
 

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I just watched the video with Jim Richards. To compare the two, Harry Dent and Jim Rickards believe the bubble is going to burst, and there will be a collapse sometime in the not so distant future. Dent believes the end result will be deflation and the dollar will be the safe haven. However, Rickards believes there will be a loss in confidence in money and we will experience inflation so gold will be the safe haven. If you look at their backgrounds, Dent is an economist. Rickards has a background in monetary policy, and I believe he understands what he is talking about just as good as anyone who is willing to openly speak about this kind of thing. So I believe Rickards is probably more accurate in his prediction, although I like the demographic analysis that Dent uses in many of his predictions.
 

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I thought this was an interesting quote by Rickards:

People ask me all the time, what is the status on the war on cash? I tell them, the war on cash is over; the government won so you are locked into a digital slaughterhouse. This is what negative interest rates are all about. The easiest way to beat negative interest rates is to get cash, but the government has to make it difficult or impossible to get cash so they can herd you into these (what I call) digital slaughterhouses so they can slaughter your savings with negative interest rates.
 

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I thought this was an interesting quote by Rickards:

People ask me all the time, what is the status on the war on cash? I tell them, the war on cash is over; the government won so you are locked into a digital slaughterhouse. This is what negative interest rates are all about. The easiest way to beat negative interest rates is to get cash, but the government has to make it difficult or impossible to get cash so they can herd you into these (what I call) digital slaughterhouses so they can slaughter your savings with negative interest rates.
And after the Panama papers, cash and PMs could be declared tax evasion.
 

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OK, I found the video. Harry Dent says: “There will be, and I repeat this and will stake my entire reputation, and I will move to Australia and be a limo driver if I am wrong about this, we are going to see the biggest global bubble burst in history in the next four years.”

The Rally is Over, Crash to 6,000 Dow by 2017 - Harry Dent Interview Mar 28 - YouTube
I saw him debating Peter Schiff on the Alex Jones show and he got pretty disgusted with Schiff claiming gold will shoot up. Dent in a nutshell believes deflation will hit then after a while gold will shoot up. I'm torn on the whole issue because i consider those three guys (Peter, Harry, Jim) very intelligent. One thing is certain... they all believe the market and the economy is about to take a nose dive.

That being the case... do you stock up on cash? Should you short the market? What frustrates me is these guys never seem to give advice on what they would do. Do we all just simply wait for the bottom to hit then buy low? Or is there a way to profit during the storm?

I should note that Mike Maloney has stated that he believes we will see deflation and then hyperinflation.

Still... how does one profit on both the down turn and the upswing?
 

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I saw him debating Peter Schiff on the Alex Jones show and he got pretty disgusted with Schiff claiming gold will shoot up. Dent in a nutshell believes deflation will hit then after a while gold will shoot up. I'm torn on the whole issue because i consider those three guys (Peter, Harry, Jim) very intelligent. One thing is certain... they all believe the market and the economy is about to take a nose dive.

That being the case... do you stock up on cash? Should you short the market? What frustrates me is these guys never seem to give advice on what they would do. Do we all just simply wait for the bottom to hit then buy low? Or is there a way to profit during the storm?

I should note that Mike Maloney has stated that he believes we will see deflation and then hyperinflation.

Still... how does one profit on both the down turn and the upswing?
What to do is a tough one to say. Personally, I am seriously thinking about some land and I mean usable land that can be farmed. Both Rickards and Dent believe you should be out of the stock market. Rickards says to have about 10% in gold, then the rest in other stuff. I have heard him talk about having some cash, land, fine art. Personally, I wouldn't touch art with a 10-foot pole. Gold seems rather expensive right now. I would rather wait until gold goes down to at least $1000, as Jim Rogers recommends. Harry Dent seems to believe that the dollar will be king so have lots of freed up cash to buy stuff very cheaply when the bottom finally falls out. Dent says he doesn't own any real estate, not even the house he lives in because the real estate market is going to crash again. I definitely agree with him about the real estate market. Dent did mention owning a get away place in the Caribbeans though, probably his bug out location. :D:
 

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The one thing that an old guy said years ago about the Great Depression was that he had survived well, because he owned a piece of land with water.

He had a vegetable garden, fruit orchard, nut trees, hay production to feed live stock, and chicken coups. He had timber for firewood to heat water and his home.
Renters went homeless when they lost their jobs, landlords went broke when renters couldn't pay.

The only thing that mattered was land to support yourself, and to sell a surplus of whatever you produced on that land. Things get very basic when the monetary supply gets contracted like that.

A warm place and a renewable food supply is the ultimate insurance against an economic apocalypse.
 

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If gold were to ever be the backing for our currency, we'd have to have a new currency. There are trillions of dollars, existing as electrons, that gold would have to back. Either gold would be unaffordable or the money supply has to shrink drastically.

I'm with Dents thinking that the world rushes into the dollar anytime there's an economic crisis. Only when that ploy fails will the money flow over to gold.
 
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