‘Death of Money’ author Jim Rickards recommended a 10% allocation to physical gold when interviewed by the ‘Money Honey’ Maria Bartiromo on Fox Business last week. In a very interesting interview which also included Barron’s Editor Jack Otter and FBN’s Dagen McDowell, Rickards said that gold is like “fire insurance on your house” … “Nobody wants their house to burn down but if it does you are glad you have some insurance”. (Click on the image to view the video on the Fox Business site)Rickards points out that as gold is insurance you should not worry about its price as much as you would other assets. When you buy insurance you are not concerned when the price of the insurance falls. What is important is that you own it as it will protect from worst case financial and monetary scenarios. He says that gold is money and warns that fiat currencies can lose value sharply if confidence disappears as has been seen in “5,000 years of history.” Rickards reaffirmed his view that gold will rise to $10,000 per ounce but said that it is not gold rising to $10,000/ oz, rather it is the dollar losing value and a “collapse in the dollar” which could “start tomorrow” as we have an “unstable financial system.” DAILY PRICESToday’s Gold Prices: USD1121, EUR 1,004.03 and GBP 734.75 per ounce.Yesterday’s Gold Prices: USD1,125.00, EUR 1,009.87 and GBP 737.95 per ounce.(LBMA AM) Gold in EUR - 1 Week On Friday, gold ended with a loss of just 0.29% while silver ended with a loss of 0.75%. For the week, gold was 1.08% lower and silver was 0.07% lower.Gold was marginally lower in gold trading in Singapore and this slight weakness continued to European trading with gold tethered to a remarkably tight $3 range between $1,123.70/oz and $1,120.50/oz.Gold again outperformed embattled stock markets last week. The Dow Jones Industrial Average, S&P 500 and Nasdaq were down 3.25%, 3.4% and 3% respectively. Other indices were down by much more - the Nikkei plunged by over 7%. The stock falls follow a dire August which was the worst month for stocks in more than three years. IMPORTANT NEWS Gold inches higher as China returns – The Bullion DeskGold Trades Slightly Higher in Asia – The Wall Street JournalGold struggles near 2-1/2-week low on U.S. jobs data – ReutersGold Holds Near Lowest in Two Weeks as U.S. Jobless Rate Drops – BloombergGlobal concerns may shrink Wall Street’s third-quarter estimates – Reuters IMPORTANT COMMENTARY Father of the euro fears EU superstate by the back door – The TelegraphRussia flirts with Saudi Arabia as OPEC pain deepens – The Telegraph“System Is Highly Unstable—If [Confidence] Is Lost, It Can Melt Down Very Quickly” – Sprott GlobalGet ready for a lousy September as investor sentiment slips – MarketWatchThe Frankenmarket Monster – MoneyWeek Read the stories above on our News and Commentary page Download Essential Guide To Storing Gold Offshore