New gold standard at +$5,000/oz ?

Rickards sees dollar collapse prompting new gold standard at +$5,000/oz

Submitted by cpowell on Sat, 2010-09-25 21:52. Section: Daily Dispatches

5:43p ET Saturday, September 25, 2010

Dear Friend of GATA and Gold:

Omnis Senior Managing Director Jim Rickards was interviewed for six minutes on CNBC a week ago and talked matter-of-factly about the ongoing collapse of the dollar and the likely necessity for the United States to return to a gold standard to support its currency, only this time with convertibility at anywhere from $5,000 to $11,000 per ounce. Gold isn't going up, Rickards observed; rather the dollar is going down, and it is better practice to start pricing everything in terms of gold. Rickards already has been inducted by GATA into the Order of the Tin-Foil Hat so we'll send him his first oak-leaf cluster. The interview starts with comments on the currency valuation controversy between China and the United States and the gold comments begin at 4:10. You can watch it at the CNBC archive here:

http://www.cnbc.com/id/15840232/?video=1592641242&play=1

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.