"investors preferred to own gold, which pays nothing, over cash US Dollars"
Could that say something about the buyers in addition to their inflation expectations? I'm sure you've seen the Twitter accounts suggesting gold's strength comes from foreign central banks buying the barbaric relic after the US confiscated Vlad's Treasuries. Inflation would not be their primary reason for buying gold.
Florian, it appears to me, at least, that your entire thesis regarding the debasement of the dollar, is actually becoming the new narrative overall. I agree with the premise, and have been expecting it for a while as I have been long commodity and basic materials stocks for months. But I continue to read more and more about that being the situation which leads me to believe, that is the current narrative. Only when we start to hear significant pushback, I think, will the next narrative appear!
Great as always Florian. Cheers!
"investors preferred to own gold, which pays nothing, over cash US Dollars"
Could that say something about the buyers in addition to their inflation expectations? I'm sure you've seen the Twitter accounts suggesting gold's strength comes from foreign central banks buying the barbaric relic after the US confiscated Vlad's Treasuries. Inflation would not be their primary reason for buying gold.
Yet another good example of market reflexivity. Thanks for sharing, Florian.
Florian, it appears to me, at least, that your entire thesis regarding the debasement of the dollar, is actually becoming the new narrative overall. I agree with the premise, and have been expecting it for a while as I have been long commodity and basic materials stocks for months. But I continue to read more and more about that being the situation which leads me to believe, that is the current narrative. Only when we start to hear significant pushback, I think, will the next narrative appear!
thank you, great take ... working also on a research piece dedicated to inflation ... cheers!