Here are the latest news items and commentary on current economics news, market trends, stocks, investing opportunities, and the precious metals markets. We also cover hedges, derivatives, and obscura. Most of these items are from the “tangibles heavy” contrarian perspective of SurvivalBlog’s Founder and Senior Editor, JWR. Today, we look at the revaluation of the Venezuelan currency. (See the Forex & Cryptos section.)
Precious Metals:
It was 50 years ago, this month, that President Richard Nixon took the U.S. Dollar off the Gold Standard –ending convertibility of paper Dollars into gold. We’ve been on the Paper Standard ever since. Not surprisingly, the U.S. Dollar has declined precipitously since Nixon’s Day of Perfidy. Even by official inflation statistics (which are low) an item that cost $1 in 1971 FRNs now costs $6.74. There has been a cumulative rate of inflation of 574.1%. Take a look at prices in 1971. Milk, gasoline, and cartons of eggs haven’t become “more valuable” in 50 years. In real terms, they haven’t changed. It is the currency unit that has been destroyed. And for anyone who has kept electronic “Dollars” on deposit in a bank or FRNs tucked under their mattress? Well, we’ve simply been robbed by inflation — a covert method of taxation.
o o o
Gold’s “Flash Crash” Explained: Charts, Fundamentals, & Familiar Manipulations. JWR’s Comment: Though it bounced back on Friday, silver had been down 9.3% last week.
o o o
What Gold Volatility, Stanley Fischer, And CBDC Can Tell Us About The Future.
o o o
One Bitcoin now buys 0.6 kilograms of gold as 10-year returns turn negative.
Economy & Finance:
At Wolf Street: Miles Driven in America Show the Shifts Brought on by the Pandemic: Rural Is in, Urban Not So Much, Mass Transit is Out.
o o o
Truck driver shortage ‘is about as bad as I’ve ever seen’: US Xpress CEO.
o o o
