Gab@StFerdinandIII - https://unstabbinated.substack.com/
Plenty of cults exist - every cult has its 'religious dogma', its idols, its 'prophets', its 'science', its 'proof' and its intolerant liturgy of demands. Cults everywhere: Corona, 'The Science' or Scientism, Islam, the State, the cult of Gender Fascism, Marxism, Darwin and Evolution, Globaloneywarming, Changing Climate, Abortion...
Tempus Fugit Memento Mori - Time Flies Remember Death
As predicted a long time ago [2007], Gold is finally above $1500 US an oz. This was not much of a prediction and this price level for gold is not a record. The 1980 level adjusted for inflation is almost $3000/oz. The media apparently has a problem with calculating present values. In any event gold will double in value in the next few years. Silver should quadruple. In the real world the inflation rate is between 5 and 8%. In the contra-reality world of Central Bank models, TV pundits and media dis-information, there is no inflation, prices are 'stable', there is not really much of a debt or unfunded liability problem, and the risk of sovereign collapse is much-overrated and perpetrated by 'speculators', 'traders' and nefarious power-mongers who create fabricated crises. Ergo no need to raise negative real interest rates. Rainbows are glowing. Unicorns jumping. Happy smiles are everywhere.
NY Times — Investor concerns about global inflation, government debt and turmoil in the Middle East converged Wednesday to push the price of gold above $1,500 an ounce for the first time.
Other precious metals also rose, benefiting from what analysts call a “flight to quality.” That is when uncertainty about the economic and political outlook pulls investors into those assets perceived to be safest.
The list of factors that have supported the price of precious metals in recent weeks is long. It includes worries about the sustainability of European debt levels — and whether countries like Greece will soon default; the threat of a possible downgrade of U.S. credit ratings amid an impasse over raising the debt limit and dealing with the budget deficit; the weaker dollar; rising inflation in many parts of the world and continued unrest in North Africa and the Middle East, which has pushed up oil prices.
“We’re seeing a perfect storm for gold and silver prices,” said Robin Bhar, a senior metals analyst in London for the French bank Crédit Agricole.
The contract for May delivery of gold in New York was quoted at $1,502.50 an ounce Wednesday morning, up $7.20. It was the first time that gold had breached the $1,500 level.
The obvious bears repeating:
“If gold goes through the $1500 barrier it will be telling us quite simply that the US and the industrialized world will have high inflation; low to zero real economic growth; and the specter of state bankruptcy. The US is technically bankrupt already. There is no disputing this fact. This is one reason why gold keeps rising. The US state cannot afford its debts, it future liabilities and its obligations especially as interest rates will need to rise to fend off very strong inflationary pressures. The US dollar is doomed, and gold will take its place rightly or wrongly as the world's reserve and standard currency.”
[The above is from 2007 and 2010].
Buy Gold and Silver. They are the only real 'buy and hold' commodities that you need to own.