Jim Rickards Highlights Gold's Role In Supporting The US Dollar

According to Odaily, renowned economist and bestselling author Jim Rickards has emphasized the potential role of gold in helping the US dollar maintain its status as the world's reserve currency. In a recent interview, Rickards explained that the US Treasury should start purchasing gold to prevent central banks from rushing to buy gold and reducing their dollar reserves, which could lead to a long-term depreciation of the dollar. 'Treasury buying gold would restore confidence in the dollar and perhaps make people believe in its real value again,' Rickards stated. He acknowledged that this move would increase the price of gold in dollar terms but argued that the benefits would far outweigh the drawbacks. Furthermore, when discussing potential replacements for the dollar, Rickards elaborated that new forms of currency would emerge as old ones fail, highlighting the adaptability of humanity in terms of money, using cryptocurrencies as an example. 'Human adaptability in money is incredible, as seen with cryptocurrencies,' he noted.