100% CERTAINTY! Your Gold & Silver Holding Is About to Become "Quite Priceless" - Rick Rule
Gold futures posted their highest settlement in about a month on Wednesday, while silver prices climbed by 4%. Both precious metals were supported by weakness in the US dollar and bond yields following the release of downbeat economic data.
The drop in the dollar and Treasury yields helped send gold higher, with the greenback falling hard on "rising jobless claims and shrinking services sector data," Adrian Ash, director of research at BullionVault, told MarketWatch.
Rick Rule, proprietor at Rule Investment Media, believes in holding gold for stability and insurance. While he suggests owning some silver for potential gains, more is needed to impact his overall financial strategy. From a technical perspective, Rick is concerned about a possible crisis of confidence in US Treasuries, which could devalue the dollar and drive higher gold prices. The US dollar's dominance as the global currency could face a challenge from China. In the first quarter of 2024, China sold a record 53.3 billion dollars in US Treasuries and agency bonds, indicating a push towards diversification.
The United States Treasury, and by extension, the USD, became less trusted, less wanted, and less powerful. The objective dumping of USTs by global central banks and these entities' equally objective stacking of physical gold have massive yet sober implications for the US in general and the USD in particular.
Based on his observation, Rick believes that just as insurance pays out when something terrible happens, gold protects wealth during financial instability. Despite initially losing purchasing power, his gold investments have appreciated by about 8-8.5% annually since 2000, maintaining his purchasing power in a way US dollars wouldn't have. Historically, gold is perceived as a hedge against inflation, preserving wealth when the purchasing power of currency declines.
Regarding global trust in currencies, Rick Rule notes that nations distrust the US dollar due to its weaponization by Washington. He believes the seizure of Russian assets has also highlighted these risks. Moreover, analyst predicts the BRICS nations will seek alternatives but won't back their currency with gold, as it limits political power. The decline of the US dollar as the global reserve currency could lead to a power vacuum in the international financial system, creating uncertainty and volatility that could negatively impact the global economy. If the BRICS nations develop their currency systems, they might reduce their reliance on the US dollar in international trade and finance. This could create a new global reserve currency.
Concurrently, Rick mentions Doug Casey's analogy of the dollar as an "I owe you nothing" and the euro as a "who owes you nothing," suggesting that the BRICS currency could become a "nobody owes you anything" due to the lack of convertible currencies. He notes that China, Russia, and Saudi Arabia need a settlement mechanism outside the US dollar for their trade surpluses.
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