That has been happening for several days, very strange, actually. You would think gold would go up with impending doom. The big boys always know when doom is coming...and they’re not buying gold. Hmm...
I would speculate that the financial markets know a bargain has been struck in Washington. The ludicrous “infrastructure” bill will be scaled down considerably, and in exchange for this the debt ceiling will be raised.
That has been happening for several days, very strange, actually. You would think gold would go up with impending doom. The big boys always know when doom is coming...and they’re not buying gold. Hmm...
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I heard an explanation for this behavior a few weeks back. Can’t remember which financial YouTube channel. The idea being that as stocks go down, margin calls occur, and in some cases accounts need to sell gold they’re holding to pay the margin call. More sellers than buyers on gold depresses the price.
Adam Shiff has this theory: The fed has them convinced that they will use their “tools” to rein in inflation and this is only temporary. However, once their tools don’t work (they really don’t have any tools left), all bets are off. Gold (and other commodities) could go insane if money supply fueled hyperinflation sets in.
There are youtube videos predicting serious inflation and there are videos predicting deflation. I think we’re definitely looking at, at the very least, stagflation. It’s why I’ve built up my “stuff” ownership the last year. They just opened a harbor freight by my place and I’ve stocked up. We’ve got four cars in good repair, the 30x60 shop building with wood stove, 32 acres with two streams, lots of home canned foods, half a beef in a freezer, all the “tools” we need. Supplies for several oil changes for the vehicles, a 1960 tractor with “robust” electrical system. The only thing I have to fear is power being cut. :)
By son visited the property for the first time and after walking the whole thing he said, “Shoot, you could make this place a family compound.” It wasn’t our main intention when we bought the place two weeks before Obama was elected, but it was on my mind. Who knew it would get this bad, this fast? Well, the Lord did.
Back just before Trump was elected I thought the country had five to 10 years left. Now I think it’s one to three. And not to put too fine a point on it, but I believe this is an international thing, not just the US. Australia has become the 21st century’s east Germany. Their “wall” is the ocean.