Gold’s Purpose in a Paper World (Video)

On Yahoo! Finance’s The Daily Ticker, Jim Rickards defends gold as an important safe-haven asset for every investor. Rickards says we must ignore the bearish sentiment and focus on the excellent fundamentals that have not been affected by 2013’s downturn. As confidence in paper currencies collapses, look for gold to rise again.

“When confidence is lost in paper currencies, [it could be that] the IMF, or the Fed, or the ECB have to restore confidence. How do you do it? One way to do it is to go back to a gold standard. If you go back to a gold standard, you have to get the price right. $7,000 to $9,000 is the implied non-deflationary price… A lot of people say you can’t have a gold standard because there’s not enough gold. That’s nonsense, there’s always enough gold, it’s just a question of price.”

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