Stocks, Bonds, Pension Funds “Will Be Wiped Out…”

David McWilliams interviewed Jim Rickards at Kilkenomics for TV3’s Agenda and the short ten minute interview is a must watch.

McWilliams Rickards interview here (from 34:16)

Key points covered are

• We are already in global currency wars

• End of the dollar as the benchmark global reserve currency coming

• Higher inflationary – “all the currencies will fall against hard assets”

• Massive financial crisis coming – complexity theory, behavioral economics shows this

• “Allowing system to get larger and larger and we do not understand risk”

• “In 1998, Wall Street bailed out a hedge fund; in 2008, the  central banks bailed out Wall Street; in the next financial crisis which could be tomorrow or could be in 2018, who is going to bail out the central banks?”

• Best description of financial panic – “everybody wants their money back at same time …”

• “Money in the bank is not money – it is an unsecured liability of an occasional insolvent financial institution..”

• In a panic, everyone seeks to get their money “which is gold, silver or cash…”

Ireland’s Pensions Timebomb – Source: Irish Independent

• Next financial crisis will be so great that dollar will fall sharply – be very inflationary

• Prepare now with physical gold – “recommend 10%” allocation

• Gold, silver, property, land, natural resources, fine art will do well in coming inflation

• Stocks, bonds, pension funds “will be wiped out…”

• Don’t trust financial institutions as they do not understand risks in system themselves …

• “Blind leading the blind …”

Jim Rickards is editor of Strategic Intelligence for Agora Financial as well as the founder of the James Rickards Project: an inquiry into complex dynamics of geopolitics and capital. He is also the author of New York Times bestsellers The New Case for Gold, Currency Wars: The Making of the Next Global Crisis and The Death of Money: The Coming Collapse of the International Financial System. Jim’s newest book, The Road to Ruin was published November 15.

David McWilliams is co-founder of Kilkenomics and one of Ireland’s leading economic commentators. He was one of the very few to accurately predict that the boom was a bubble that would all end in a monumental crash with bank failures, negative equity, rising unemployment and emigration. He is an economist, broadcaster and bestselling author and writes columns for the Sunday Business Post and Irish Independent. David also runs an daily economic bulletin called 360 Macro.

See McWilliams Rickards full TV3 interview from 34:16 here

Gold and Silver Bullion – News and Commentary

Gold logs modest rebound from 9-month low (MarketWatch.com)

Gold Climbs from 9-Month Low; US Bullion Coins Advance (CoinNews.net)

Gold rises for second day on a weaker dollar (Investing.com)

Bidding far more than expected, Chinese firm wins Barrick’s half of big Australian mine (Gata.org)

Randgold CEO says gold is ready to go higher (CNBC.com)

Gold desperately oversold, time to correct (FXStreet.com)

I’ve just bought some platinum – here’s why (CapitalAndConflict.com)

How Much Gold is Left on Earth? (WestCoastPlacer.com)

This Is The Real Reason Why The Public Is Broke And The Middle Class Is Being Destroyed (KingWorldNews.com)

The public sector strikes are really about housing (DavidMCWilliams.com)

Gold Prices (LBMA AM)

22 Nov: USD 1,217.55, GBP 997.89 & EUR 1,144.98 per ounce
21 Nov: USD 1,214.95, GBP 984.72 & EUR 1,143.39 per ounce
18 Nov: USD 1,206.10, GBP 971.15 & EUR 1,135.54 per ounce
17 Nov: USD 1,232.00, GBP 988.19 & EUR 1,148.10 per ounce
16 Nov: USD 1,225.70, GBP 984.36 & EUR 1,144.68 per ounce
15 Nov: USD 1,228.90, GBP 988.65 & EUR 1,138.70 per ounce
14 Nov: USD 1,222.60, GBP 978.08 & EUR 1,136.53 per ounce
11 Nov: USD 1,255.65, GBP 991.96 & EUR 1,154.45 per ounce

Silver Prices (LBMA)

22 Nov: USD 16.76, GBP 13.46 & EUR 15.77 per ounce
21 Nov: USD 16.68, GBP 13.47 & EUR 15.69 per ounce
18 Nov: USD 16.51, GBP 13.30 & EUR 15.54 per ounce
17 Nov: USD 17.04, GBP 13.65 & EUR 15.87 per ounce
16 Nov: USD 16.95, GBP 13.64 & EUR 15.85 per ounce
15 Nov: USD 17.00, GBP 13.68 & EUR 15.80 per ounce
14 Nov: USD 17.20, GBP 13.73 & EUR 15.95 per ounce
11 Nov: USD 18.59, GBP 14.73 & EUR 17.09 per ounce

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