Gold blew through $3100 $3200 $3300 / ounce this morning.
As noted in prior posts, an increase in the price of gold is never a good thing.
By my reckoning, we’re now a couple of hundred dollars off the all-time high, in the real (inflation-adjusted) price of gold, in dollars.
My interpretation is that three months of Trumpism managed to do for Russia what 15 years of agitation by the BRICS countries could not.
By reneging on our international commitments, turning on our former allies, aligning ourselves with Russia, and giving an absolutely ignorant crew of knuckleheads complete control over tariffs …
… I do believe we’ve managed to destroy the dollar’s role as the key international currency AND cripple much of our industrial capacity. In one fell swoop.
Restated, by setting large and rapidly changing tariffs, with no policy goal beyond making The Leader happy, we’ve slit our own throats.
It’s just going to take a few months for that to be completely obvious.
Putin’s ROI is beyond calculation.
