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Author Sees Gold Backed Currency In Near Future
Posted March 28th, 2014

TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Precious metals prices edged higher in choppy trade on Friday as gold inched up to $1,293.91 an ounce, and silver rose to $19.79 an ounce, while a stronger dollar continued to keep pressure on the metals. Gold's recent jump above $1,300 an ounce seemed to satiate China’s “white-hot appetite” for bullion, said HSBC. “That said, gold’s decline below this level may encourage sidelined physical buyers back into the market,” providing a “cushion” against further losses, added HSBC.
 
"If we don't close below $1,290 today, we could see some consolidation around these levels ahead of the ECB on Thursday and the U.S. nonfarm payrolls on Friday," said VTB Capital's Andrey Kryuchenkov. Many longer term investors view modest pullbacks like these as buying opportunities and we are likely to see an uptick in bargain hunting and short covering.
 
Meanwhile, Jim Rickards author of Currency Wars argues in his new book "The Death of Money," that a post-dollar global economy may soon emerge with a currency backed by gold. Rickards foresees the possibility of a collapse of the global economy, leading to the demise of the US dollar as the global reserve currency. The failure of the dollar would trigger a move to the International Monetary Fund's (IMF) Special Drawing Rights (SDR), which would in turn be backed by gold at $9,000 an ounce, says Rickards.
 
SDR is an international reserve currency, created by the IMF in 1969. "There is absolutely a plan to expand the role of the SDR as a global reserve currency - that is not a secret, it is stated on the IMF website," says Rickards. "As far as gold is concerned, we know Russia has increased its gold reserves 70 percent in the last four years, and China has increased its gold reserves several hundred percent. Other central banks have stopped selling - many of them are actively acquiring," states Rickards.
 
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