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The New Case for Gold Hardcover – April 5, 2016
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They sayJohn Maynard Keynes called gold a "barbarous relic."
They saythere isn’t enough gold to support finance and commerce.
They say the gold supply can’t increase fast enough to support world growth.
They’re wrong.
In this bold manifesto, bestselling author and economic commentator James Rickards steps forward to defend gold—as both an irreplaceable store of wealth and a standard for currency.
Global political instability and market volatility are on the rise. Gold, always a prudent asset to own, has become the single most important wealth preservation tool for banks and individuals alike. Rickards draws on historical case studies, monetary theory, and personal experience as an investor to argue that:
• The next financial collapse will be exponentially bigger than the panic of 2008.
• The time will come, sooner rather than later, when there will be panic buying and only central banks, hedge funds, and other big players will be able to buy any gold at all.
• It’s not too late to prepare ourselves as a nation: there’s always enough gold for a gold standard if we specify a stable, nondeflationary price.
Providing clear instructions on how much gold to buy and where to store it, the short, provocative argument in this book will change the way you look at this “barbarous relic” forever.
- Print length192 pages
- LanguageEnglish
- PublisherPortfolio
- Publication dateApril 5, 2016
- Dimensions5.7 x 0.8 x 8.6 inches
- ISBN-101101980761
- ISBN-13978-1101980767
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Editorial Reviews
Review
—Wall Street Journal
“This excellent book proves that, contrary to the propaganda of fiat currency apologists, gold is real money. Rickards makes a compelling case for why those looking for a way to protect themselves and their families from economic chaos created by central bankers should consider gold.”
—Ron Paul, former Congressman and Presidential candidate
“In his latest book, James Rickards gifts us once again with his clarity of prose, depth of experience and sound analysis. The New Case for Gold discards tired and politically driven criticisms of gold, instead offering an illuminating, original argument for gold as a critical contender in today's money games. The most important book on gold yet.”
—Nomi Prins, author of All The Presidents’ Bankers
“We can’t trust the Federal Reserve to do the honest work that Jim Rickards has done in writing this book. When the monetary system finally fails, there will be a flight to the only money that’s left in the system—and that will be gold. Essential reading.”
—David A. Stockman, Former OMB Director and author of The Great Deformation
“[Rickards] present[s] compelling evidence that many of the world’s leading monetary authorities implicitly, at least, treat gold as — quite possibly in the future, the key — money.”
—Forbes
About the Author
James Rickards is the Editor of Strategic Intelligence a financial newsletter. He is The New York Times bestselling author of The New Great Depression (2020), Aftermath (2019), The Road to Ruin (2016), The New Case for Gold (2016), The Death of Money (2014), and Currency Wars (2011) from Penguin Random House. He is an investment advisor, lawyer, inventor, and economist, and has held senior positions at Citibank, Long-Term Capital Management, and Caxton Associates. In 1998, he was the principal negotiator of the rescue of LTCM sponsored by the Federal Reserve. His clients include institutional investors and government directorates. He is an op-ed contributor to the Financial Times, Evening Standard, The Telegraph, New York Times, and Washington Post, and has been interviewed by BBC, CNN, NPR, CSPAN, CNBC, Bloomberg, Fox, and The Wall Street Journal. Mr. Rickards is a guest lecturer in globalization and finance at The Johns Hopkins University, Georgetown University, Trinity College Dublin, The Kellogg School at Northwestern, the U.S. Army War College and the School of Advanced International Studies. He has presented papers on risk at Singularity University, the Applied Physics Laboratory, and the Los Alamos National Laboratory. He is an advisor on capital markets to the U.S. intelligence community, and the Office of the Secretary of Defense, and is on the Advisory Board of the FDD Center on Economic and Financial Power in Washington DC. Mr. Rickards holds an LL.M. (Taxation) from the NYU School of Law; a J.D. from the University of Pennsylvania Law School; an M.A. in international economics from SAIS, and a B.A. (with honors) from Johns Hopkins. He lives in New Hampshire.
Follow @JamesGRickards.
Product details
- Publisher : Portfolio (April 5, 2016)
- Language : English
- Hardcover : 192 pages
- ISBN-10 : 1101980761
- ISBN-13 : 978-1101980767
- Item Weight : 10.4 ounces
- Dimensions : 5.7 x 0.8 x 8.6 inches
- Best Sellers Rank: #72,437 in Books (See Top 100 in Books)
- #35 in Commodities Trading (Books)
- #42 in Money & Monetary Policy (Books)
- #312 in Introduction to Investing
- Customer Reviews:
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About the author

James Rickards is the Editor of Strategic Intelligence, a financial newsletter, and Director of The James Rickards Project, an inquiry into the complex dynamics of geopolitics + global capital. He is the author of The New Case for Gold (April 2016), and two New York Times best sellers, The Death of Money (2014), and Currency Wars (2011) from Penguin Random House. He is a portfolio manager, lawyer, and economist, and has held senior positions at Citibank, Long-Term Capital Management, and Caxton Associates. In 1998, he was the principal negotiator of the rescue of LTCM sponsored by the Federal Reserve. His clients include institutional investors and government directorates. He is an Op-Ed contributor to the Financial Times, Evening Standard, New York Times, and Washington Post, and has been interviewed on BBC, CNN, NPR, C- SPAN, CNBC, Bloomberg, Fox, and The Wall Street Journal. Mr. Rickards is a guest lecturer in globalization and finance at The Johns Hopkins University, The Kellogg School at Northwestern, and the School of Advanced International Studies. He has delivered papers on risk at Singularity University, the Applied Physics Laboratory, and the Los Alamos National Laboratory. He is an advisor on capital markets to the U.S. intelligence community, and the Office of the Secretary of Defense, and is on the Advisory Board of the Center on Sanctions & Illicit Finance in Washington DC. Mr. Rickards holds an LL.M. (Taxation) from the NYU School of Law; a J.D. from the University of Pennsylvania Law School; an M.A. in international economics from SAIS, and a B.A. (with honors) from Johns Hopkins. He lives in New Hampshire.
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Top reviews from the United States
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Why won't the U.S. government permit an audit of the supposed 8,000 tons? Rickards maintains that the gold is "safe and sound" and offers a novel excuse for the refusal to audit: allowing an audit would imply that gold is important. "By refusing to do an audit, the government maintains the pretense that gold is trivial." That sounds implausible to me, and I continue to believe that the simplest explanation is most likely to be true: the gold either isn't physically there in the vaults, or if it is there has been leased to bullion banks that have in turn loaned out each ounce a hundred times over and are unlikely to be able to return it to the Treasury.
Rickards says gold is going to go to at least $10,000, and worries that conventional brokerage and bank accounts are vulnerable to Putin's team of hackers, but then strangely recommends only a 10% allocation to gold. What are we supposed to do with the other 90% of our savings? He is vague on that point. He recommends fine-art and land, but it seems to me that these are not only unsuitable for average savers, but occupy the same bubble territory as equities and bonds. Would anyone argue that stocks offer a potential 8x upside at this point with little downside as gold does? Rickards also says that he recommends "certain hedge funds and alternative investments …" but offers no details.
The book is not a "how to" guide that offers clear step-by-step instructions for acquiring gold. Physical Gold Fund (where Rickards is an adviser) and Sprott are mentioned briefly, as are different vaulting companies. But no details are provided that would help people new to gold get started. The easiest and most economical way to save in gold - the BitGold subsidiary of GoldMoney - is not mentioned, although in Rickards' defense that service is only a year old.
In spite of these deficits, though, the book offers a great deal of useful information about gold and definitely succeeds in making the case that everyone should be looking very closely at gold.
This book contains a lot of similar arguments to that extent. It is interesting at times when it describes why gold has been used as money in the past and why (compared to other natural elements) is the only resource that can ever fulfill the three functions of money. The book talks about the gold position on the Fed's balance sheet and this is also very interesting. With this said, it isn't long until the book becomes a lot of assumptions and loosely structured arguments about what China is doing and what Russia is doing and what is likely with a gold-backed global currency. It discusses manipulation of the gold market and while this is interesting, it is similar to most of the arguments in this book - not academic or supported with a section of notes or a bibliography. It made me think that I wanted to get a perspective that's been well-researched and documented or even reviewed by other scholars. It's one thing to make an argument that sounds good or researched and it's another thing to build an argument on well-documented sources and evidence.
So I'd recommend that readers of this book afterward pick up another recently published book, The End of Alchemy: Money, Banking, and the Future of the Global Economy . In it, a former governor of the Bank of England, Mervyn King, discusses questions about the future of money as well as a return to the gold standard. Because King's book has sources documented, I was referred to a both a great popular book on the role of the gold standard in causing the Great Depression Lords of Finance: The Bankers Who Broke the World as well as an academic article written by Ben Bernanke on the same subject. I see now that while gold has value and I'll continue to buy some to store my wealth, it'll never become the backing of the US money supply again. I'll let you research that for yourself rather than attempting to explain why.
So Richards book is entertaining but it leaves a lot to be desired if your goal is to get a balanced approach to the question of gold's future in our economy. It's a quick read and won't hurt to skim through as it contains a lot of interesting ideas.It's just up to the reader to go and find out how much evidence there really is to support those ideas.
Top reviews from other countries
I devoured his book The Death of Money and found it incredibly tightly written and informative. There are many areas of global economics I find too hard really to get my head around, but his writing made it more accessible and digestible.
I felt disappointed with this work though. So much of what I read in here I had already read in The Death of Money or heard on one of his talks on Youtube. I can see the sense in him writing a new book explicitly arguing the case for buying gold but too much rehashing was a big turn-off.
I also felt this book seems written in a rush. Compared with Death of Money which was so very well written, with incredible precision, this seems very flaccid in a way, quite under-edited I think.
So in general a big yes for Rickards in general, but if you've read the Death of Money this isn't a worthwhile purchase.


















