Dubai Precious Metals Conference 2023: Keynote Address by Jim Rickards

[Heavy-Black-Sand]

James G. Rickards (29 September 1951) is an American lawyer, investment banker, media commentator, and author on matters of finance and precious metals.[1] He is the author of Currency Wars: The Making of the Next Global Crisis (2011) and six other books. He currently lives in Connecticut.

He has held senior positions at Citibank, Long-Term Capital Management, and Caxton Associates.[4] As general counsel for the hedge fund Long-Term Capital Management (LTCM),[5] he successfully negotiated the $3.6 billion rescue of the firm via the U.S. Federal Reserve in 1998.[6] Rickards worked on Wall Street for 35 years.[7] Later, Rickards became the senior managing director at Tangent Capital Partners LLC, a merchant bank based in New York City,[8] and also the senior managing director for market intelligence at Omnis, Inc.,[9] a technical, professional and scientific consulting firm in McLean, Va.[3

 

[Heavy-Black-Sand]

Welcoming note from the CEO of the DMCC ...... in his speech, he says; Dubai has targeted to be involved in aprox. 50% of the global Gold trade (physical) ....

 

[Lou]

I suspect that guy may own some gold...

 

[kurtak]

I suspect that guy may own some gold...

Ya think - just some

Kurt

 

[galenrog]

I suspect he owns far more paper than gold.

Time for more coffee.

 

[Heavy-Black-Sand]

Welcoming note from the CEO of the DMCC ...... in his speech, he says; Dubai has targeted to be involved in aprox. 50% of the global Gold trade (physical) ....

If Dubai thinks they are going to be handling 50% of the global Gold trade ... imo; that means they are betting on .....

* BRICS currency eventually materializing, with a major Gold component

* Dubai will become a central hub for refining & storage of BRICS Gold

 

[4metals]

* Dubai will become a central hub for refining & storage of BRICS Gold

I never understood the logic of any nation with metric tons of gold inventory storing it anywhere but at home! Securely of course but away from the emerging mindset that any nation can seize or restrict access to another nations assets stored in their vaults or banks.

 

[Heavy-Black-Sand]

I never understood the logic of any nation with metric tons of gold inventory storing it anywhere but at home! Securely of course but away from the emerging mindset that any nation can seize or restrict access to another nations assets stored in their vaults or banks.

A big monetary union needs neutral 3rd parties for accurate/prompt storage and title transfer.

And another reason that Dubai or the middle-east may become the defacto refiner/vault is that; i suspect the OPEC nations are going to want an increasing amount of hard currency for their energy exports.

 

[Heavy-Black-Sand]

James G. Rickards (29 September 1951) is an American lawyer, investment banker, media commentator, and author on matters of finance and precious metals.[1] He is the author of Currency Wars: The Making of the Next Global Crisis (2011) and six other books. He currently lives in Connecticut.

He has held senior positions at Citibank, Long-Term Capital Management, and Caxton Associates.[4] As general counsel for the hedge fund Long-Term Capital Management (LTCM),[5] he successfully negotiated the $3.6 billion rescue of the firm via the U.S. Federal Reserve in 1998.[6] Rickards worked on Wall Street for 35 years.[7] Later, Rickards became the senior managing director at Tangent Capital Partners LLC, a merchant bank based in New York City,[8] and also the senior managing director for market intelligence at Omnis, Inc.,[9] a technical, professional and scientific consulting firm in McLean, Va.[3

Interesting quote from the speech ......

"how many times can you hit the punching bag, before the punching bag gets up and walks out of the room? ... and that's what has happened - the BRICS have said; enough"

 

[D-dog]

I never understood the logic of any nation with metric tons of gold inventory storing it anywhere but at home! Securely of course but away from the emerging mindset that any nation can seize or restrict access to another nations assets stored in their vaults or banks.

I could be mistaken, but perhaps it's because those in government. Don't trust the others in their own government?
That much gold would be a strong incentive for the corrupt to be motivated to take action. By that I mean bribe or blackmail guards. Or even attempt a coup.
After all we all know that most politicians are corrupt at their core. As are many top military leaders. Greed is a very powerful motivator. Storing gold someplace out of reach, greatly reduces the temptation.

 

[4metals]

I could be mistaken, but perhaps it's because those in government. Don't trust the others in their own government?
That much gold would be a strong incentive for the corrupt to be motivated to take action. By that I mean bribe or blackmail guards. Or even attempt a coup.
After all we all know that most politicians are corrupt at their core. As are many top military leaders. Greed is a very powerful motivator. Storing gold someplace out of reach, greatly reduces the temptation.

Interesting perception, except it makes one large assumption that politicians in other countries are not as corrupt and greedy as our own home grown politicians!

 

[D-dog]

Interesting perception, except it makes one large assumption that politicians in other countries are not as corrupt and greedy as our own home grown politicians!

I agree our politicians are just as greedy/corrupt as any others.
But it seems that the countries that don't store their own gold tend to be smaller. And the expense of having their own Fort Knox secure facility. Would far exceed the cost of renting space in a secure facility elsewhere. And that kind of facility would be less inclined to nefarious activities, then most politicians.