Are soaring gold prices telling us something important?(paulkrugman.substack.com)
paulkrugman.substack.com
Are soaring gold prices telling us something important?
https://paulkrugman.substack.com/p/ingots-we-trust
3 comments
...not sure, gold is illiquid, you cannot sell it en masse, which you can do with currency, and China has tremendous non-gold reserves right now: http://reserves.n0us.top/
54% YTD on gold.
31% YTD on bitcoin.
The question is which fiat currency is coming crashing down. Must be a major one.
>Normally I pay little attention to gold prices
Krugman... an economist doesnt pay attention to gold prices? When you go to market watch, it's the first thing it shows you when after hours. It isn't the full story anymore, but it was a leading indicator. This is a huge indictment of Krugman.
>Do you really think gold bars would help you navigate a Fallout-type post-apocalyptic landscape?
Gold is an anti-fiat. Krugman must know this; he's intentionally being dishonest. It's like owning fine art or supercars that sit in a garage. The rest of the blog is just meandering dishonesty.
Lets try to figure out the crashing fiat.
When you go to check each currency. They are all weakening. USD, Euro, Brit are converging. CAD is doing ok, surprisingly.
It would seem to me it's the turkish lira. Something happened in about 2021 and Turkey's Lira has been crashing since. They are buying a ton of gold though. Same with China, USA, India, Poland, etc.
The context: https://en.wikipedia.org/wiki/Turkish_economic_crisis_(2018%...
So what happened in 2021? The digital turkish lira. They are switching over to their CBDC and it'll be gold backed?
31% YTD on bitcoin.
The question is which fiat currency is coming crashing down. Must be a major one.
>Normally I pay little attention to gold prices
Krugman... an economist doesnt pay attention to gold prices? When you go to market watch, it's the first thing it shows you when after hours. It isn't the full story anymore, but it was a leading indicator. This is a huge indictment of Krugman.
>Do you really think gold bars would help you navigate a Fallout-type post-apocalyptic landscape?
Gold is an anti-fiat. Krugman must know this; he's intentionally being dishonest. It's like owning fine art or supercars that sit in a garage. The rest of the blog is just meandering dishonesty.
Lets try to figure out the crashing fiat.
When you go to check each currency. They are all weakening. USD, Euro, Brit are converging. CAD is doing ok, surprisingly.
It would seem to me it's the turkish lira. Something happened in about 2021 and Turkey's Lira has been crashing since. They are buying a ton of gold though. Same with China, USA, India, Poland, etc.
The context: https://en.wikipedia.org/wiki/Turkish_economic_crisis_(2018%...
So what happened in 2021? The digital turkish lira. They are switching over to their CBDC and it'll be gold backed?
Gold is one such place, and is a bit of an "easy button". It isn't appealing to me for other reasons, but I'm guessing that I'm not the only person (or company, or country) looking to reduce my exposure.