Gold made another all time high, and another all time closing high today. Still nobody in the United States seems to notice or care. Everybody here is still looking for a bottom in risk assets.
But all around the globe everyone else is buying gold.
Central Banks around the world are buying gold because ithe only Tier One Reserve Assets are gold and US Treasuries. And nobody wants to hold US Treasuries any more. There is no longer any guarantee the debt will be honored. Everyone must prepare for the possibility that it will be seized and confiscated, or simply defaulted upon at the whim of our chief executive.
That may seem absured to most Americans. The problem is it doesn't seem absurd to the other central bankers of the world. That's why the comex is being overwhelmed with Stand For Delivery orders and the price of bullion is rising.
Similarly Gold is the only monetary asset that has no counter party risk.
Think about that. It can not be hacked or hypothicated or confiscated or diluted or defaulted upon.
And is has a liquid and easily disvoverable value anywhere in the world.
That gives it a pretty special status in today's Kleptocratic Economy.
It is the citizens' only monetary defense against the State.
If you don't think that is valuable right at this moment, then don't buy it. Now.
You can just as well buy it later. Though it may be much harder to find.
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