By now, through up cycles and down ones, you know my simple views on gold. “Gold is about value, not price” being the primary one. In a fiat world gone crazy, that value is always there whether casino patrons are marking the gold price up or down.
I have a premium subscription to MacroMicro, which I have not often used but plan to at least skim more often. MM is massive coverage of global markets and industries. So massive that it can be overwhelming. So in very select cases I will use it to inform NFTRH analysis.
This morning I decided to review their latest report covering passive ETF investing, AI’s incursion into the software industry, and gold.
One thing I found interesting is that the world is not yet dedollarizing because it can’t. Not into other debt paper or certainly not crypto, for obvious reasons. Hence, the case for gold. USD is still the top of the currency heap (pile of dung though it is), where global transactions are concerned. This is as I’ve been saying, like, forever.
But that is exactly the case for gold. It is stable and it is outside of the system. Its value is being marked up globally, and that is for good reason. You can read MM’s views for yourself. This is not some gold bug ideologue. It is a broad market platform (that includes Ed Yardeni among other non-bugs). Gold’s value has gone mainstream and it is global.
Re. Passive Investing. Craig Tindale had a great (free) substack you should check out on the topic, among other resource oriented essays