Gold speculator predicts $10,000 per ounce, imminent collapse of US dollar

Speculation supports move by Russia and China towards gold standard to retain currency valuation

The American dollar will crash, and gold prices will surge to $10,000 per ounce. So says Byron King, the editor of Jim Rickards’ Gold Speculator.

The reasoning IS highly speculative, but there is logic to the claims that Byron makes:

  • The world has many dozens of trillions of dollars in debt that is far beyond the means of the debtor nations to pay off.
  • Some countries are moving back to a gold standard, or at least are increasing their on-hand reserves of gold and other precious metals. Russia and China are two countries that are heavily involved in this.
  • If the global money supply was based on the gold standard for 40% of its backing, the math requires a price of gold for $10,000 per ounce to work.
Gold price real-time tracker screenshot taken at UTC 14.26

The gold market has been doing rather well for about 16 years, peaking around 2012 at US $1,777.30 per ounce. The chart referenced in this link provides a real-time tracker for the price of gold.

Byron King recommends that even though the timeline of this price is not known, a prudent investor does well to have about 10 to 15% of his assets in gold, for when the collapse does arrive. Some possible factors that could yield this are things like war against North Korea, or some other geopolitical crisis, but Mr. King’s main message is “be prudent and be cautious.”

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