Thank Me Later After Gold & Silver Makes You a Millionaire" - Jim Rickards | Gold $10K Warning

追加: 2026-05-25

[00:00:00]Then gold is like cool off, you know, kind of took a hit a downdraft in over the course of February and March. But yeah, but you know, it's yeah. From from highs it did you I mean you you have a much higher don't you think like gold's going to like 20,000?

[00:00:12]>> Uh well, eventually but I think it'll go to 10,000 and maybe by you know, mid-2027, maybe sooner. So we got a $10,000 target uh in a a fairly short horizon and not like 20 years or something like that.

[00:00:24]Yeah, I mean gold kind of went from 1,800 to 5,500 in the blink of an eye.

[00:00:28]Uh yeah, I backed off a little bit.

[00:00:30]But there's a reason for that and it goes back to what we were talking about why the debasement trade is nonsense.

[00:00:35]Gold has surpassed Treasuries in terms of the total volume of global reserves.

[00:00:39]That's true. Uh and and central banks are net buyers of gold. So I'm I'm very bullish on gold. I'm not that that's the case. But it was because the price of gold tripped. A deeper shift appears to be emerging across global financial markets as gold increasingly becomes a focal point in debates surrounding sovereign debt, reserve management, and rising geopolitical instability. Predictions that once seemed extreme, including the possibility of gold reaching $10,000 within the next few years, are now being treated more seriously by market observers as economic pressures continue building worldwide. The conversation is no longer centered only on inflation or currency debasement. Instead, analysts are focusing on how deep structural weaknesses within the global monetary system are reshaping confidence in traditional financial assets, liquidity conditions, and long-term financial stability. Jim Rickards argued that the world is misunderstanding the relationship between reserve currencies and reserve assets. According to this interpretation, global reserves are not stored as stacks of physical dollars, but primarily as United States Treasury securities denominated in dollars. When countries reduce Treasury holdings, the move does not automatically signal abandonment of the dollar-based system.

[00:01:56]In many cases, governments sell treasuries to obtain immediate dollar liquidity needed to stabilize domestic banking systems, defend currencies, or manage debt obligations. China's declining treasury holdings have become a central example in this debate. Recent data showed Beijing's direct treasury exposure falling to its lowest level since 2008, while Japan also reduced holdings substantially. Some analysts interpreted these moves as evidence of de-dollarization accelerating across major economies. Others disagreed, arguing that these sales actually reveal persistent global demand for dollars.

[00:02:35]Rather than escaping the dollar system, countries may simply be struggling to secure enough liquidity inside it. Now, we present the clips from Jim Rickards' interview. Before we dive deeper, take a moment to like this video, subscribe to the channel, and hit the bell icon so you never miss timely updates on gold and silver. The The idea that uh first of all, people talk about reserve currencies. You know, the dollar is the leading reserve currency, but it's going to lose its place, etc. There's no such thing as reserve currency. There are reserve assets denominated in a currency, but it's not like the People's Bank of China has stacks of $100 bills in the in the basement. They don't. They own US Treasury securities. So, Treasury security, okay, it's in dollars, got it, but it's not actual dollars. And by the way, if you have Treasury securities and you need dollars, guess what you have to do? You have to sell the securities to get the dollars. So, people look at, you know, the Treasury is actually pretty good about this. They have the monthly tick report. It's just a you know, simple spreadsheet um that shows all the all the major countries in the world and uh how much they own in US Treasuries, you know, by maturity. And you'll see China uh going down a little bit, like the amount of Treasuries going down. And people Aha, they're dumping Treasuries.

[00:03:45]They're out of the into the Treasury sector. No, they are selling them. I'm not the the data is what it is. They don't They don't make it up. But the reason China is selling the treasuries is to get cash to bail out their banks and prop up their own currency. It's more indicative of a global dollar shortage than getting out of the dollar.

[00:04:01]They wish they had more treasuries. And so that's that's the point.

[00:04:05]And then another chart you see is you know gold has surpassed um treasuries in terms of the total volume of global reserves.

[00:04:13]That's true.

[00:04:15]And central banks are net buyers of gold. So I'm I'm very bullish on gold.

[00:04:18]I'm not that's the case. But it was because the price of gold tripled. So so the the yeah the dollar the nominal amount in dollars went up and it surpassed treasuries. But it wasn't that they bought it wasn't that they dumped treasuries and bought gold. It was more the case of the gold tripled. So yeah took a bigger maybe rebalanced your portfolio.

[00:04:38]The when you look at the the the currency of global reserves is the right way to put it. Dollars about 59% give or take. Euros about 26%.

[00:04:50]So right there you got 85% of the global reserves in two currencies mostly the dollar.

[00:04:55]Everything else sterling Canadian dollar Aussie dollar Swiss francs and and Japanese yen fits into that little 15% bucket in small slices and the smallest slice of all is the Chinese yuan. So when I hear people say well the Chinese yuan is the new coming global currency it's all a plot by China.

[00:05:15]No for a couple of reasons. Number one it's not widely used. It's it's barely used outside of China. And secondly the the standing of your currency going back to what I said before about securities count not currencies. Is as a as a numeria for a for a global reserve assets you need a bond market. You need something to put the money in. China has no bond market. I mean they have they have certain amount of bonds. Most of the bonds actually in China are at the provincial level. Then gold is a cool off you know kind of took a hit a downdraft in over the course of February and March. But yeah, but you know, it's yeah. From from highs it did you I mean you you have a much higher Don't you think like gold's going to like 20,000?

[00:05:55]>> Uh well, yeah, eventually, but I think it'll go to 10,000 and maybe by you know, mid-2027, maybe sooner. So, I've got a $10,000 target uh in a fairly short horizon, and not like 20 years or something like that.

[00:06:08]But um yeah, I mean, gold kind of went from 1,800 to 5,500 in the blink of an eye.

[00:06:13]Uh yeah, it backed off a little bit.

[00:06:15]But there's a reason for that, and it goes back to what we were talking about, why the debasement trade is nonsense.

[00:06:20]The discussion surrounding BRICS nations has further intensified speculation about an alternative financial order.

[00:06:27]Yet, several strategists maintain that the group does not require a unified currency to challenge existing trade structures.

[00:06:35]Gold itself increasingly functions as the neutral settlement mechanism connecting member states. Cross-border transactions between countries such as China and Russia are still conducted through local currencies, but gold continues gaining importance as a trusted intermediary asset during periods of geopolitical tension and sanctions risk. Another important theme involves the distinction between central bank balance sheet expansion and actual economic money creation. While the Federal Reserve created trillions of dollars through asset purchases, critics argued much of that liquidity remained trapped inside the banking system as excess reserves. Because those funds were sterilized and not circulating throughout the real economy, some economists believe the inflationary consequences were overstated. Commercial bank lending, rather than central bank asset purchases, remains the more influential driver of economic activity and monetary expansion. Concerns surrounding China's domestic economy also continue shaping the global outlook. Observers visiting under-developed urban projects and largely empty property developments described an enormous buildup of debt connected to unproductive infrastructure expansion. Financing these projects often relied heavily on expectations of government support from Beijing. Now, let's get back to the video. I tell people, "Well, where's the BRICS currency?" You know, they already have one. It's gold. Mhm.

[00:08:00]>> [clears throat] >> The BRICS dollar, you know, they don't need the Brazilian real or the Chinese yuan or the Indian rupee or anything of the kind. If they want to set a they could set up a free trade area. And that was one of the reasons to expand the BRICS, and you may see the development of kind of an EU for BRICS countries now up to uh I think there were 12 or 14 members, but they're on their way to 20.

[00:08:21]Uh that could be meaningful. I keep an eye on that. But uh they can either settle on dollars, which just makes the dollar even more in demand, or they can settle on gold. Mhm.

[00:08:30]Uh and if you ask how is uh uh you know, is how how is uh you know, Russia um uh you know, basically trading with China, you can you can settle up in gold. Now, there are there's some yuan and uh uh uh rubles flowing back and forth, but not that much. So, uh if you said, "Hey, Jim, is there a global economic problem here, maybe a crisis in the making?"

[00:08:55]I would say, "Yes, it's and it's not the end of the dollar. It's more the case that there's a global dollar shortage."

[00:09:01]>> Yep.

[00:09:02]And then people say, "Well, wait a second. The Fed printed $9 trillion."

[00:09:05]And they did. Um how could there be a dollar shortage if you printed $9 trillion?

[00:09:10]Well, the answer is, I mean, you have to I know this audience does understand how the Fed quote prints money.

[00:09:16]Um they basically the open market desk in New York calls the primary dealers, so, you know, Goldman, Morgan Stanley, Citi, whatever, and says, you know, "Offer me 5-year notes" or "Offer me 1-year bills" or whatever. And they say, "Okay, done." And they the dealer sends the securities the Treasury and the Sorry, to the Fed, and the Fed pays for it with dollars that do come out of thin air. That's There's no question about it. But you can't stop there. You have to say, "Well, what does Goldman do with the money?" They give it back to the Fed in the form of excess reserves. That's called sterilization. That money doesn't go anywhere. It doesn't get lent, doesn't get spent, doesn't get turned over, zero velocity. It's all you're doing is expanding both sides of the Fed balance sheet, more securities and more reserves, excess reserves. That's why I always laugh when I see the Fed's the Well, so the Federal Reserve's targeting the Fed funds market rate the Fed funds rate cuz there is no Fed funds rate. I mean, there is kind of, but hasn't been a Fed funds market since 2008. Yes, they do they do create $9 trillion and absolutely did not matter.

[00:10:14]But there there's no stimulus in it for the same reason that there's no economic growth, there's no stimulus. It just sits there. It's sterilized.

[00:10:22]Who creates money that does matter? That does drive an economy? The answer is commercial banks, not the Fed, the banks themselves, cuz they do the same thing.

[00:10:30]If I take out a loan, I sign a note, they say, "Okay." And they put the money in my checking account. That came out of nowhere. But that's the money because I might spend it or hire somebody or or, you know, invest or do something with it. That's the money that counts. So watch, you know, watch M1 and and and M2 if you want to see what's actually going on with the money supply.

[00:10:51]But the Fed money printing is irrelevant. The Fed is pretty much irrelevant.

[00:10:56]And and there is a global dollar shortage going on. I was in the south of Nanjing, you know, visiting some of these ghost cities not long ago. I was my being escorted by you know, couple of Communist Party officials. And you know, sometimes you you want to gather intelligence, you need a little story, so to speak. So I I was going to be like like rent some of these places, you know. Man, they rolled out the red carpet. They took me to these ghost cities, etc. But afterwards, we sat down for some tea and I said, "How'd you pay for all this?" You know, cuz there was like there was skyscrapers, country clubs, hotels, uh, mixed-use apartment buildings, freeway exit. It was all empty. All empty. And then you can look on the horizon and see two or three more, and they were empty. I said, "How are you going to pay for all this?" And he said, "We can't. We can't possibly."

[00:11:41]I said, [laughter] "Well, well, how's that going to work out?" He said, "Beijing will bail us out." And that was probably right. That was probably the right answer. But, if you're in Beijing, again, you and the and this is all the dollars and I mean that there you need those dollars. So, so the Chinese yuan is is insignificant, but there is no Chinese bond market.

[00:11:57]Now, what would it take for the Chinese to get a bond market? So, you could actually invest in you could actually put your yuan to use for something other than buying, you know, uh, noodles. You need, uh, you need bond issuances. You need a range of maturities, some 30 days to 30 years, you know, pick your spot.

[00:12:12]Um, you need when issued trading, futures, options, primary dealers, settlement and clearance, and most of all, rule of law. They don't have any of those things.

[00:12:21]>> [laughter] >> Could you build them in 10 years? At the same time, large amounts of dollar-denominated obligations increased pressure on Chinese authorities to maintain access to dollar liquidity, reinforcing arguments that the world still depends heavily on the American financial system despite growing political tensions. The growing role of gold inside central bank reserves reflects another critical shift.

[00:12:44]Although gold has surpassed treasuries in total reserve value, analysts noted this change resulted partly from the metal's dramatic price appreciation rather than a sudden collapse in treasury ownership. Even so, continued central bank purchases reveal rising concern about sovereign debt sustainability, geopolitical fragmentation, and the long-term stability of fiat-based financial arrangements. As governments confront slowing growth, rising debt burdens, and intensifying geopolitical competition, gold's strategic importance appears increasingly tied to confidence rather than speculation alone. The metal is gradually being viewed not merely as an inflation hedge, but as protection against institutional fragility and systemic uncertainty across the global monetary order. If reserve assets, liquidity pressures, and geopolitical realignments continue evolving simultaneously, could gold's future valuation ultimately become a reflection of declining trust in the architecture supporting the modern financial system itself? So, stay tuned for clear, data-driven insights into the financial system. Don't forget to like and subscribe so you never miss our weekly updates. Thank you for your continued support, and we hope you enjoy the video.