from Jesse’s Café Américain:
“In times of change learners inherit the earth; while the learned find themselves beautifully equipped to deal with a world that no longer exists.”
There was intraday commentary here. I was struck by the continuing erosion of gold from Western trusts and funds, in stark contrast to silver. I like both metals, but gold is the deffest dog. And from my perspective the reasons are pretty obvious.
We have come to the end of the informal Bretton Woods II agreement, which was to stay with the US dollar as the primary basis for world trade, an arrangement that had been in place since the end of WW II. The US dollar based on a relationship to gold became the petrodollar when Nixon unilaterally closed the gold window in 1971.
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