Sadly, as far as markets are concerned, the more Sturm und Drang over Ukraine, the better… this all further strengthens the Narrative of Central Bank Omnipotence – the market-controlling common knowledge that market outcomes are the result of central bank policy rather than anything that happens in the real economy. How can you know if this Narrative starts to waver or shift? If and when gold starts to work. This is what gold means in the modern age… not a store of value or some sort of protection against geopolitical instability… but an insurance policy against massive central bank error and loss of control.
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