Only devaluation against gold can revive economies, Rickards tells Australian conference


7:14p ET Sunday, December 6, 2020

Dear Friend of GATA and Gold:

At Australia's Gold and Alternative Investments Conference on Nov. 25, where he was interviewed by conference chief executive Kerry Stevenson, market analyst and author James G. Rickards said the world is falling into deflation and that only devaluation of the U.S. dollar against gold can defeat it, increase the velocity of the money that lately has been created by governments, and revive economies.

Such a devaluation, Rickards added, also would solve the problem of the world's excessive debt.

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The Federal Reserve, Rickards said, could accomplish this simply but only by publicly buying and selling gold at a much higher price than the monetary metal's current price. "It's just another open-market operation" for the Fed, Rickards said.

It won't happen soon, Rickards said, but it will happen and investors should front-run central banks, which will turn to such a policy eventually.

Rickards was pretty much echoing the prescription provided in 2006 by the Scottish economist Peter Millar, whose study, "The Relevance and Importance of Gold in the World Monetary System," was published by GATA a year later here:

Rickards' conversation with Stevenson is 68 minutes long and can be viewed at YouTube here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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