Buy Gold as "World Backs Away" from Dollar: Rickards

Investors should put 10-20% into bullion and adopt their own Gold Standard...

JAMES RICKARDS, author of the national best-seller Currency Wars: The Making of the Next Global Crisis, was my guest this week on New York Markets Live, writes Miguel Perez-Santalla at BullionVault.

Talking about his latest book, the recently released New York Times bestseller, The Death of Money: The Coming Collapse of the International Monetary System, James Rickards told me how he sees a looming crisis building for the Dollar, plus his recommended solutions for the private investor.

"I recently returned from a trip to Switzerland," he told me. "I did not go to any banks. I went to the gold refiners to find out what was actually happening with physical gold.

"I met with the head of precious metals for one of the largest refiners. He's producing about 20 tons a week in gold. China's buying half of it. China's dumping Dollars to get gold. Russia's backing away from the Dollar for geo-political reasons. Saudi Arabia is also backing away from the Dollar."

What can investors do?

"Take 10% of your Dollars if you're conservative, 20% if you're aggressive, and put it into physical gold. Even if the currency is devalued you have your own personal gold standard to preserve your wealth," said Rickards.