TICKY FULLERTON: Do you think the gold standard is a better alternative, still?
JAMES RICKARDS: The gold standard is feasible, but the most important thing is to get the price right. The gold standard has been discredited by mainstream economists because they say, "Don't you know, it caused the Great Depression".
I do know that, it did contribute to the Great Depression but it wasn't the gold, it was the price - they got the price wrong. So, coming forward to today, what price would you need to go to a gold standard that would not be deflationary. The answer is - I've done the analysis - it's around $7,000 an ounce - US dollars per ounce - and I do expect to see the gold get to that level sooner than later.
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