``In order to reset the monetary system this time Mr. Rickards argues that the gold reserves of the global central banks will be absolutely essential with 20-40 per cent gold backing sufficient. That will mean a revaluing of bullion to around $7,000 an ounce or otherwise there will not be enough of it to do the job. Central banks will be in a position where they have to do this rather than constantly suppress the gold price to create an illusion of low inflation, he contends.''

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