Bitcoin and gold skyrocket after Trump victory — financial expert explains why



After former President Donald Trump declared victory last week, the value of Bitcoin, gold, and various stocks skyrocketed. Financial expert and author of “MoneyGPT” James Rickards knows why.

“The immediate reaction to the Trump election was stocks took off, and with good reason. His economic policies, less regulation, drill baby drill, basically getting rid of wasteful investment in what I call the ‘Green New Scam,’” Rickards tells Jill Savage and Stu Burguiere on “Blaze News Tonight.”

“So he has a lot of things that are going to be very good for stocks. However, there’s something bigger than Trump. There’s something bigger than the electoral process, which is the economy itself,” he continues, noting that in the next six to nine months, we may be going through a recession.


“There are a lot of signs of recession out there, so we may get off to a rough start, but the same thing happened to Ronald Reagan in 1982. He had one of the worst recessions in U.S. history but finished with very strong growth toward the end of his first term and into a second term,” he explains.

While Rickards believes that Trump’s presidency will overall be a good thing for the economy, he isn’t so sure about Bitcoin as a form of currency in general.

“I’ve studied Bitcoin for a long time,” Rickards says. “If you want to buy Bitcoin, knock yourself out. But I don’t really think of it as a form of money.”

“It’s really just a form of gambling. I don’t really think of it as an investment. There’s no use case for Bitcoin. Now, can you make money? Absolutely, a lot of people have. So my attitude is I’m not a Bitcoin-basher,” he adds.

As for gold, Rickards explains that the value of it isn’t actually getting higher.

“It’s not that gold’s getting higher, it’s that the dollar is collapsing in front of your eyes,” Rickards says. “What’s really happening is you’re watching your dollar evaporate. You’re watching the dollar crash.”

“The main reason is people are looking for alternatives to the dollar. I’m not saying the dollar is going away. You can’t totally get out of the dollar. It’s too big for that,” he adds.

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Chatter about possible recession in US grows as global markets tank, 'Bidenomics' apparently fails to deliver



Markets around the world, including in the U.S., tanked on Monday as investors began openly expressing concerns about a possible U.S. economic recession.

As they had on Friday, global markets were severely in the red on Monday. The Dow opened down more than 1,000 points and as of mid-morning hovers about -2.6% overall. The tech-heavy Nasdaq is down over 560 points or 3.36%.

'Four years ago today, Trump claimed the stock market would 'crash' if Joe Biden was elected.'

The Asian markets, many of which are about 12 hours ahead of the American markets, suffered even worse losses on Monday. The Nikkei 225 in Japan tumbled 12.4% — more than 4,450 points — its largest single-day loss in history. The second largest was "Black Monday" in 1987.

"That was a crash. It smelled like 1987," said Neil Newman, head of strategy at Astris Advisory in Tokyo, according to CNN.

On Monday, Taiwan's Taiex likewise fell 8.4% and South Korea’s Kospi 8.8%.

These catastrophic numbers have intensified talks about a looming recession in the U.S. Even leftwing outlets like the Daily Beast have acknowledged the possibility.

"To put it mildly, the spike in volatility-of-volatility is a spectacle that underlines just how jittery markets have become," said Stephen Innes of SPI Asset Management, according to ABC News. "The real question now looms: Can the typical market reflex to sell volatility or buy the market dip prevail over the deep-seated anxiety brought on by this sudden and sharp recession scare?"

The Federal Reserve will now almost assuredly cut interest rates next month to stabilize the volatile markets.

For now, economists are blaming the global market turmoil on the dismal jobs report the U.S. Department of Labor released on Friday. So-called experts had anticipated a report showing that the policies that Biden and Harris have affectionally called "Bidenomics" had created 175,000 jobs last month, but the real number was much lower, just 114,000, causing the unemployment rate to jump to 4.3%, the highest rate since October 2021 and nearly a full point higher than it was at the beginning of the year.

As recently as May, an account touting the supposed accomplishments of Vice President Kamala Harris celebrated the soaring stock market and took aim at former President Donald Trump's skepticism about a Biden-Harris administration's ability to address economic issues.

"Four years ago today, Trump claimed the stock market would 'crash' if Joe Biden was elected (The stock market has reached the highest levels ever recorded in history under President Biden)," Kamala HQ tweeted on May 24.

Trump certainly has his doubts that Biden and Harris are up to the task, dubbing the market tumble on Monday the "KAMALA CRASH."

"Of course there is a massive market downturn. Kamala is even worse than Crooked Joe. Markets will NEVER accept the Radical Left Lunatic that DESTROYED San Francisco and California, as a whole. Next move, THE GREAT DEPRESSION OF 2024! You can’t play games with MARKETS. KAMALA CRASH!!!" Trump wrote on Truth Social.

Harris for President spokesperson James Singer, in turn, pointed the finger at Trump for the abysmal jobs report. "Donald Trump failed Americans as president, costing our economy millions of jobs, and bringing us to the brink of recession," Singer said.

"We’ve made significant progress, but Vice President Harris knows there’s more work to do to lower costs for families."

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Who doomed the petrodollar: America or Saudi Arabia?



There has been a lot of confusion lately about Saudi Arabia allegedly ending a 50-year-deal with the United States that tied oil sales to the U.S. dollar.

While many have claimed that the deal never actually existed, financial expert Carol Roth is here to clear that up.

“There was a deal put in place, but never once did I come across anything that said we have a specific expiration,” Roth tells Glenn Beck, who notes himself that if the world goes off the petrodollar, “that is the beginning of the end.”

Roth explains that when the United States went off the gold standard, they created a secret delegation that went to Saudi Arabia as part of a diplomatic tour.

“There was an oil embargo put in place by the Arab oil exporters. It sent the price of oil sky-high. So, the big objective was basically the U.S. didn’t want crude oil, you know, energy, which is obviously really what fuels growth around the world to become an economic weapon,” Roth explains.

“They knew, 'Okay, well, now we’re off the gold standard, we’ve got this currency, wouldn’t it be great to have somebody finance our deficits?'” She continues.

In exchange for economic and military support, the Saudis struck a deal with the U.S. to price oil in dollars around the world.

“There was a secret piece of it, and that was that the Saudis did not want everyone to know that they had this huge treasury stockpile,” Roth says, noting that it was because they didn’t want anyone to know how “closely they were in bed with the U.S.”

Now, this deal has ended.

“The FED has managed to hold the dollar not stable either for the world or domestically,” Roth says. “So, it’s not like they even made the tradeoff. They just abandoned it all together.”

“The big issue, if you are these countries around the world that now have everything priced in dollar, all of your major commodities, because it’s not just oil at this point,” she continues, “When you have these huge swings in the dollar, that means that threatens you as a nation, because you now may not be able to afford energy, or you may not be able to afford the food for your country.”

“That’s a national security issue,” she says. “And so, countries were getting sick of that we weaponized the U.S. dollar, and at the end of the day, they’re starting to move away from it.”

This is why it isn’t the Saudis who are to blame for the end of the deal.

“The Saudis did not break a deal. We’ve broken the deal long ago,” Roth says.


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