The New Case For Gold Download Free (EPUB, PDF)
**USA Today bestseller and Wall Street Journal business bestseller**They say John Maynard Keynes called gold a "barbarous relic." They say there isn’t enough gold to support finance and commerce. They say the gold supply can’t increase fast enough to support world growth. They’re wrong. In this bold manifesto, bestselling author and economic commentator James Rickards steps forward to defend gold—as both an irreplaceable store of wealth and a standard for currency. Global political instability and market volatility are on the rise. Gold, always a prudent asset to own, has become the single most important wealth preservation tool for banks and individuals alike. Rickards draws on historical case studies, monetary theory, and personal experience as an investor to argue that: • The next financial collapse will be exponentially bigger than the panic of 2008. • The time will come, sooner rather than later, when there will be panic buying and only central banks, hedge funds, and other big players will be able to buy any gold at all. • It’s not too late to prepare ourselves as a nation: there’s always enough gold for a gold standard if we specify a stable, nondeflationary price. Providing clear instructions on how much gold to buy and where to store it, the short, provocative argument in this book will change the way you look at this “barbarous relic” forever.
Hardcover: 192 pages
Publisher: Portfolio (April 5, 2016)
Language: English
ISBN-10: 1101980761
ISBN-13: 978-1101980767
Product Dimensions: 5.7 x 0.7 x 8.5 inches
Shipping Weight: 11.2 ounces (View shipping rates and policies)
Average Customer Review: 4.4 out of 5 stars See all reviews (190 customer reviews)
Best Sellers Rank: #3,041 in Books (See Top 100 in Books) #1 in Books > Business & Money > Investing > Commodities #1 in Books > Business & Money > Economics > Money & Monetary Policy #8 in Books > Politics & Social Sciences > Politics & Government > Public Affairs & Policy > Economic Policy
I read Currency Wars, another book written by the author, a while ago. Even though I was impressed by the concept the author presented in that book, I was turned off by his writing style. In that book, the author spent chapters and chapters bragging about himself telling us how great and important he was, perhaps to establish credibility. The reader had to sift through the fluff to get to the gems of wisdom. As you probably already know, that book made the author famous and currency wars is now a widely understood and often quoted concept in mainstream media.This book is very different in that regard. It is concise, to the point, mostly factual and the arguments that the author presents are based on sound economic principles. There is very minimal bragging by the author so hardly any fluff. I was able to finish the book within a weekend reading off an on during the day. I am utterly impressed by the author. He is not only knowledgeable but also a genius who can use his knowledge to visualize the future. His arguments are extremely sound. It is amazing how he explains complex economic concepts in simple language for the regular reader. Most readers will not even realize that he is using Masters or PHD level economic concepts to explain what is happening and what will happen. I have a master's in economics from a top school in the nation so I understand the concepts he is using to arrive at certain conclusions.Another reason I was impressed by this great man is his acknowledgement that he may be wrong. That is the mark of a wise and experienced person because you really never know what will happen in the future. He presents various scenarios on what will unfold in the future without making predictions with certainty.
It's just an old lonely metal. For millennia IT had dominion over the rise and fall of empires, a frequent arbiter between wars' winners and losers. IT was the expression of love, of lust, between lovers, between kings and queens, and is the feared adversary among warriors in conquest. "Gold is a barbarous relic." "Neanderthal", antediluvian" Gold has no yield..no intrinsic value...not enough gold in the world to support finance...caused the Great Depression.But wait.Gold has no maturity risk. Gold has no commodity risk. Gold has no issuer risk. Gold is atomic element number 79 and will not degrade. Gold is physical and not digitally exposed. Gold movements are not subject to government edicts. Gold is a store of value.In the days of Empire, Rome used mostly gold and silver for money until corruption of the elements became anathema to public acceptance.In the early twenties the German Weimar Republic ignored gold in its currency expansion as the mark soon became hyperinflated.In 1931 "The Great Betrayal" caused a wave of panic as the Bank of England defaulted on its obligatory conversion of sterling to gold.In centuries past China saw the fall of an empire as a copper shortage was reflected in coins with iron substitutes.The expensive American War of Independence was reflected in gold and silver coins as values declined to zero in just two years because of government currency intervention.Is gold held by individual citizens at risk of confiscation as happened in 1933 by legislative fiat of the Roosevelt Administration? The author is equivocal on this issue but his words on pages 138 and 139 are worthy of consideration.
The strong point for this book is that it makes some good reasons for holding gold. These include (not necessarily in order of importance): a) cyber-attacks may lead to banking/financial collapse; b) the current macro environment is unstable and may lead to financial collapse through excessive debt implosion or hyperinflation. This financial collapse will lead, in the author’s opinion, to a general collapse of the economic system. For this reason the author recommends, explicitly, that investors hold 10% of their portfolio (which he defines as net wealth over and above home and business ownership) in gold.The author recommends holding this gold in the form of physical gold as opposed to gold held via intermediaries such as gold holding ETFs or other similar such funds. The reason for this is, again in his opinion, that the coming financial crisis will occur so quickly that these funds will not be able to deliver the promised gold to their customers. There will be something like a liquidity crisis in the author’s opinion. There will be a run on gold when the crisis comes and these funds will be unable to deliver due to this.With respect to the holding gold, the author makes a number of recommendations as to how and where to hold it. He recommends that the investor holds this gold outside of bank safe deposit boxes (where the US [or other] government can easily seize it) in vaults such as those guarded by Brinks. Even better, he recommends holding it in nations with a tradition of security and not seizing gold such as Switzerland. There the gold can be held securely until the “crisis” comes. When that comes one can then fly to Switzerland in one’s private jet and bring it back (the author says this literally – this reviewer is not making it up).
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