Do central banks really want their own currencies displaced by the former world reserve currency, whose revival would tie their hands?
Dear Friend of GATA and Gold:
Incrementum’s Ronald-Peter Stoferle and Mark Valek are back with another magisterial “In Gold We Trust” report, painstakingly outlining all the reasons the world should be experiencing what the report’s title calls “The Dawning of a Golden Decade.”
Those reasons begin with infinite money chasing infinite debt, continue with the near-suicide of the world economy as the policy response to the virus epidemic, and conclude with the prospect of a new monetary system for the world.
But will the dawn come for gold?
The report seems a little short on central bank policy options, not quite recognizing that for some years now under the leadership of Western central banks the world already had been operating under a system of infinite money, and that the success of a system of infinite money requires infinite commodity price suppression to defend government currencies. After all, do central banks — even those of Russia and China — really want their own currencies displaced by the former world reserve currency, whose revival would tie their hands?
But that is an especially sensitive topic, and regardless of what major central banks want, circumstances certainly are making them more ridiculous every day. Maybe the “In Gold We Trust” report is most valuable for detailing the craziness. It can be found in English and German in both complete and abbreviated versions at the Incrementum internet site here:
Toast to a free gold market
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