Hedgeye Podcasts Ep. 132 Real Conversations | Jim Rickards: Gold, Chaos and the Great Reckoning Ahead
Nov 19, 2025
In this discussion, Jim Rickards, bestselling author and macro strategist, dives into the dynamics of gold as a hedge against chaos and inflation. He explains why gold could soar beyond recent highs and debunks common myths around debt debasement. The conversation touches on the contrasting participation levels in gold markets globally, especially between the U.S. and Australia. Rickards further explores BRICS' role in gold settlements and discusses the implications of central banks hoarding gold as a safety measure in uncertain times.
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Logarithmic Nature Of Gold Moves
- Gold's rise can accelerate because percentage gains shrink as price increases, making higher nominal jumps feel faster.
- Jim Rickards says gold could reach $10,000 quickly because smaller percentage moves at high prices happen rapidly.
Debt-To-GDP Beats Headline Debt
- Debt headlines ignore assets and nominal growth, so debt-to-GDP matters more than absolute debt levels.
- Rickards argues stabilizing or lowering the ratio via sufficient nominal growth is what markets watch, not raw debt.
Data Refutes 'Everyone's Dumping Treasuries'
- Treasury holding data ( TIC ) show major holders are not mass-dumping U.S. Treasuries as the narrative claims.
- Rickards warns selling treasuries to get dollars signals distress and a potential precursor to monetary stress.
