Economist Jim Rickards Highlights Gold's Opportunity During Market Meltdowns, 9 AUGUST

 "Gold is being profiled as a relevant investment option in economic uncertainty and market instability times. Jim Rickards, a U.S. economist and best-selling author of books like “Currency Wars” and an opinion contributor to several newspapers and publications including The New York Times and The Washington Post, has referred to the investment opportunity that gold presents during acute market setbacks."

"In social media, Rickards reinforced its solid opinion of gold as a hedge against market instability, predicting the price movement of the precious metal during these events."

Rickards says, "In a stock market meltdown, gold goes down due to selling by weak hands who need cash for margin calls. The strong hands take a beat, wait for a bottom. Then they jump in with both feet because they know it’s way up from there."

"Rickards has been analyzing gold’s position in today’s economy, stating that the metal might be used in case of a global currency meltdown to re-establish the gold standard, with many countries, including the U.S., purchasing gold to support the value of their currency."

"Nonetheless, while some markets rebounded after Monday’s meltdown, gold continued to trade down, losing the $2,400 mark. Even after slipping down, gold prices are still almost 15% up during 2024, reaching historic high levels just some days ago."

"According to the World Gold Council, demand is expected to maintain the next year supported by central bank gold purchases for portfolio diversification and protection purposes."

@ Newshounds News™

Source:  Bitcoin