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'We must get a winner one day'
8:17p ET Monday, March 11, 2024
Dear GATA:
I think a tumultuous showdown is coming with Donald Trump, the Republican Congress, and the Trump cult following. They won't accept another Trump loss and Trump himself realizes that his loss will mean jail time for him.
November and beyond could usher in unprecedented political instability in the United States and create not just dollar instability but a run on the dollar. Foreign central banks are down to $3.4 trillion in U.S. Treasuries, and overseas investors hold $6.68 trillion in U.S. Treasury notes and bonds. Moreover, 60% of central bank foreign exchange reserves are in dollars.
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I think the gold price rally with new daily highs in the dollar and other currencies may be a matter of gold discounting U.S. political instability ahead and the consequences to the dollar. That scenario would create a reason to own gold that few people living today have experienced.
Bitcoin, thought by some to be alternative money, is hitting new highs too and is perhaps also discounting huge political instability.
Your thoughts?
Best wishes,
B.D.
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Dear B.D.:
Since you asked and for whatever it may be worth, I think that if fundamentals and geopolitics mattered much, gold and silver would have gone to the moon years ago. In my view nothing matters much more than central bank intervention in the monetary metals and currency markets.
I think the main determinant of "market" prices generally will be simply whether and when the monetary metals central banks are prepared to lose in support of the dollar and their own currencies run out, just as gold ran out in 1968, collapsing the London Gold Pool:
https://en.wikipedia.org/wiki/London_Gold_Pool
Now that a big faction of central banks is moving away from the dollar and into gold, maybe we'll live to see some democratic change in the world financial system. Some independent financial journalism with integrity could hasten the day, but that's unlikely to happen. It hasn't happened yet and we have been waiting for a long time.
For me this remake of a skit from the 1960s stage show "Beyond the Fringe" says it all:
https://www.youtube.com/watch?v=-hJQ18S6aag
As is said therein, "We must get a winner one day." It could be tomorrow but don't hold your breath.
Thanks for writing.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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