I don’t know exactly how it plays out. I still do like gold. I think the great irony is that gold may be the political solution for central banks to stave off crypto. It’s still on their balance sheet. They can move it in mass if they decide to, and do it quicker and more powerfully than any other constituency in the gold market. They can make gold work to their advantage.

I initially liked it because all the central bank and credit money we have in the world justifies a significantly higher gold price just to account for past inflation.

I still think that gold will play a role in trying to reconcile the books of savers in fiat money. I thought that the Fed could easily set a higher price for gold and devalue dollars against gold. And the process of purchasing the gold from marketplace would be highly inflationary.

They could manage a gold standard and we thought that this was an inevitability.