Rickards on Currency Gold Backing; US vs. China

``If you want to measure gold as a potential future backing for the economy, though, you need something more germane, and for this purpose one might consider the gold-to-GDP ratio. The ratio for the U.S. is now approximately 3%. For China, it's at 0.7%. But that raises the issue of whether the Chinese are lying about their reserves. And clearly they are.''