Is a currency crisis inevitable? "I think it is," Tangent Capital Partners exec Jim Rickards tells The Wall Street Journal in a Feb. 5 interview.
"All major central banks are easing," he says. "What will happen eventually is there will be so much money printing that this will lead to inflation. Not right way -- I expect later this year or early next year. The end game is collapse of the international monetary system. This has happened three times in the last 100 years. ... I expect sometime sooner than later we'll have another collapse."
How will gold respond? "My long-term view is that it's going significantly higher. My estimate is $7,000 an ounce -- you know, it could be in a range from $3,000 and $10,000, but 47,000 is my target. But it's not going to get there all at once."
One major factor is that China is "in a scramble to acquire gold," he explains. With about 1,000 to 3,000 tons, compared with 8,000 tons for the United States, China doesn't have enough of the precious metal.
"China needs to get to 4,000 to 5,000 tons to look the United States in the eye and be an equal country," Rickards notes.
"All major central banks are easing," he says. "What will happen eventually is there will be so much money printing that this will lead to inflation. Not right way -- I expect later this year or early next year. The end game is collapse of the international monetary system. This has happened three times in the last 100 years. ... I expect sometime sooner than later we'll have another collapse."
How will gold respond? "My long-term view is that it's going significantly higher. My estimate is $7,000 an ounce -- you know, it could be in a range from $3,000 and $10,000, but 47,000 is my target. But it's not going to get there all at once."
One major factor is that China is "in a scramble to acquire gold," he explains. With about 1,000 to 3,000 tons, compared with 8,000 tons for the United States, China doesn't have enough of the precious metal.
"China needs to get to 4,000 to 5,000 tons to look the United States in the eye and be an equal country," Rickards notes.
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