Gold/Silver ratio (and USD) would attend global liquidity stress
I know. I know. It’s a mutant inflation and all, with global war and politics driving the bus now, and the Fed all but marginalized. But still, more monetary and counter-cyclical gold is rising in relation to silver (more cyclical, industrial and hence, commodity-like) and that is not cyclical inflationary signaling, especially with both metals struggling to do anything nominally.
What it is… is a warning. A long, grinding one that justifies the reserve currency’s strength over the last year. I see gold bugs on Twitter still making excuses and telling how the USD is the last currency standing much like the last man standing on the Titanic as one end of the soon to be sunken ship remained aloft.
But the excuse makers do not realize that the USD is a tool and that tool is still used by liquidity seekers. Valueless? Yes and no. It is valueless in that it is a played out currency marking trillions in debt. It is of value, however, as a way station to future investment (hello gold) until it isn’t. It is still the counter-party for global asset trades. For a year and counting now, it still has that value.
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