Gold only has value if you’re alive, Gold falls below $1,500, COVID-19 whooping Golds Ass-ets – March 16, 2020,
Just being honest, if I had a choice I’d pin the price of money to Oil, if the government didn’t regulate it out of existence, my second choice might have even been to pin the price of money to tabacoo, I like Gold is a convenient form of retirement bartering, but day to day money I’d hate it personally. The world has always hated a gold standard currency, the world drooled over the thought of a Keynesian monetary system. Smart people buy gold, but being smart in a free market is a choice and the average human would rather act a fool.
People only get smart when their life is on the line when your life is on the line, you start to think about essential things like oh, I don’t know “toilet paper”, food and other essential items which are easier to barter in the event the monetary system crashes. Sure it’s a short-sighted approach, but who am I to force people into bartering and sales. People are annoyed with the door to door salesmen, some westerners frown at the sight of a street vendor.
Prostitution was even made illegal because of the governments or the religious authoritarians who believe that they know what’s best for society, so excuse me when I say that I could care less about a Gold Standard, a Gold Standard isn’t going to change human behavior, bitcoin won’t change human behavior, the only thing proven to change human behavior on the upside is innovation, namely technological deflationary innovations that make our lives easier and the only thing in the way of innovations is the public sector!
Gold skyrocketing or a gold-backed currency will lead to the nationalization of successful Gold mining companies, which if not nationalize will be slapped with some form of tax or tariff on anything Gold related. I don’t see Gold being money, I can, however, see it as something people will save and liquidate for retirement in the future.
I suspect the governments will eventually renegotiate global debts, however, that’s speculation on my part, I even received a notice today that my European business bank accounts will start charging me to hoard their currency, which is a clear sign to me, that the world is waiting for the United States to lead. Gold prices are rising in Europe, which is a sign that the Euro is going to start declining, maybe not necessarily on the consumer end, but in the future, Euros will buy less.
This all points to debt restructuring and austerity measures if you ask me, I think the market sees it too, the credit markets have no more suckers to lend too after this COVID-19 hysteria dies down, but don’t let that confuse you with gold prices rising, because if the price of gold gets too high, the regular people will not buy! So I see a steady rise in Gold the way I’d see a steady rise in other commodities.
I don’t see Gold crashing and I don’t see the U.S dollar crashing either, what I see is COVID-19 fear and then the potentiality of a Joe Biden Presidency spooking the markets in the Fall. The markets want Trump to win 2020 and the markets want Trump to renegotiate the debt. If a Democrat wins, well that would put the entire stock market on edge, if that were to happen, we’d all have to see what happens, because a Joe Biden Presidency is scarier to the markets than COVID-19! Buying Gold with Donald Trump as President, in my opinion, isn’t a smart buy!
China is already back to doing business, and in my opinion, the world is overreacting to COVID-19, people are healing themselves, COVID-19 to me appears to be one of those things that humanity will deal with year after year until someone finds a cure at which time I suspect it will be available to all consumers. Anyway, who knows maybe Gold might soar to the moon, but I don’t see it happening as long as Donald Trump is President!
Gold falls below $1,500 as it is dragged into the global market rout | cnbc.com