In my opinion, we’re clearly in a bubble driven by a wealth effect on the growing upper class* and AI. The question as always is, do you feel lucky timing this thing?
*As I understand it, both upper and lower income cohorts are growing at the expense of the middle class, but I have no cite beyond I think I’ve read that.
Been a while.
Past 3 months market up nearly 6%. Gold down 18%. Silver down 31%. Bitcoin down 14%. Total international stock flat.
Thoughts?
I’m not making sense of it honestly.
It doesn’t make sense. Huge, wild swings from day-to-day.
IMO … BTC was on a roll for years as a secret conduit of illicit wealth.
Once all legit law enforcement is killed by corrupt chief executives worldwide they don’t need that intermediary sub rosa medium of exchange.
So it’s deflating like mad as that perennial price support drops away.
Damned shame. I’ve given back a lot of easily gotten gains.
So I heard on NPR just now that the Dutch National Bank has withdrawn a bunch of gold reserves from Ottawa, CN and NYC to Zeist, NED. I think the story was originally covered by Associated Press today but am digging in for the article.
They said it was to prepare for a crisis. With no surprise from me, there was no follow-up about the nature of their possible crisis.
My thought would be increasing Canada/US tariffs but am curious what other posters think the crisis might be.
Many countries deposited their gold reserves in the US and Canada during World War II and the Cold War for obvious reasons, given the level of financial chicanery in recent decades I can see why it would be thought prudent to keep it a little closer to home.
Well there’s that war with Iran.
This article from CNBC states that the gold was moved to England.
The Dutch central bank has moved about 86 metric tons of gold from New York and Ottawa to London, citing rising geopolitical risks and the need to strengthen “crisis preparedness.”
And then this story says some was indeed moved to Zeist.
More than 27 metric tons (30 tons) of gold were “physically transferred” from the United States and Canada to the Dutch bank’s heavily guarded vault on a military base near the central town of Zeist
I think the gold was moved, both to London and the Netherlands.
France also liquidated the gold it held in New York over the past year.
It appears European countries are deciding the USA’s government is not in fact a safe partner to hold their assets.
DeGaulle famously sent a destroyer in the 1960s to redeem dollars for bullion around the time central banks were trying to defend the London gold pool and the $35 peg.
Everybody learns at their own pace, I always say.