Rickards: Gold at “Great Entry Point”

Release Date: 
Friday, January 2, 2015

Gold and Silver Prices

Gold and silver prices fell during the final week of 2014 on a strengthening U.S. dollar.  “Gold prices fell in the first trading day of 2015, leaving the precious metal on track to post a weekly loss…Gold prices had earlier been modestly higher, finding some safe-haven support as European equities sagged. But that move was undercut by a rise in the U.S. dollar against major rivals, including the euro as European Central Bank chief Mario Draghi signaled the bank is moving closer to launching full-scale quantitative easing.”  (“Gold prices slip as dollar strengthens,” Marketwatch, 1/2/15.)

Gold finished the week down $6.00, closing at $1,190.80. Silver prices closed the week at $15.89, down $0.30.

Rickards:  Gold at “Great Entry Point”

Best-selling financial author, Jim Rickards, discussed the currency war being waged among nations and why gold is well priced for those entering the market. 

“Kitco News is kicking off its Outlook 2015 coverage with an interview with bestselling author Jim Rickards to see what he thinks will happen to the U.S. economy in the coming year and how it may affect gold. ‘We’re absolutely in a currency war,’ he tells Daniela Cambone. ‘In 2011, we saw the weak dollar; today, we see the strong dollar. I expect a year from now we’ll see the weak dollar again.’ … Rickards adds that he thinks the U.S. economy is fundamentally weak and if it gets worse, he wouldn’t be surprised by a QE4 sometime in 2016. He wants to see what will happen to the dollar once the marketplace realizes that the Fed cannot raise rates yet. Looking at gold, Rickards says the current price is a great entry point because once it takes off, he thinks it will be hard for investors to find any gold.”  (“Get Your Gold Now Before It’s Too Late - Jim Rickards,” Mining.com, 12/22/14.)

Jim Cramer:  Gold “Insurance Policy”

CNBC’s Jim Cramer told investors why they needed to include gold in a diversified portfolio.   

“In light of the new year just around the corner, Jim Cramer is teaching investors a new way to diversify their portfolio…He thinks every homegamer should have [include] gold…Gold brings a special element into a portfolio, one that makes it different from all other metals…”

“Cramer recommends gold because it tends to go up when everything else is going down. It is the investors' insurance against geopolitical events, uncertainty and inflation…[J]ust as you wouldn't own a home or car without insurance, you shouldn't have a portfolio without gold…Owning gold is not about upside potential. It is about minimizing risk to the downside…Ultimately, it's not a matter of wanting exposure to hold—you need it. It will act as an insurance policy for a portfolio.”  (“Why going gold is the way to go,” CNBC 12/30/14.)

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†This material has been prepared for private use. Although the information in this commentary has been obtained from sources believed to be reliable, Goldline does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice.

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