Many people look at the weather forecast every day before leaving home and they would do the same with the price of gold because it is the measure of fear and therefore of instability and worries, which are not only economic but also international.
Gold rises because those who have a lot of money do not believe the news on television. They have a lot of doubts and a lot of fear. It is very easy to make predictions about the gold price because in the long term it always goes up. It is a reflection of the general crisis of capitalism.
However, speculators move in the short or very short term. They are not interested in trends, like that of gold… except as a means of hoarding. We started the year by announcing that the price of gold had reached a record high of 1,836 dollars an ounce and now we have to insist because it is flying towards 2,000 dollars.
The war in Ukraine is frightening, relations with China are deteriorating, the economic crisis is rampant and the world is dancing on a volcano. In the United States they are going to raise the debt ceiling for the umpteenth time, i.e. the debt has no ceiling… until the roof caves in.
Treasury Secretary Janet Yellen sent a letter to Congress warning that the government could reach its debt limit on Thursday this week. The spectre of a default, albeit a momentary one, is re-emerging. In other words: the US government is about to pull down the shutters, like any neighbourhood hardware store.
It would be the best time to see Putin and the entire Kremlin court through a crack, toasting with Russian champagne, which has its own designation of origin, while French champagne can only be called “sparkling wine” in Cyrillic characters.
How is the US going to finance the war in Ukraine if it cannot raise the budget deficit ceiling?
The consequence is logical: central banks, monopolies, vulture funds and all parasitic speculators dump their dollars and buy gold believing that one day the storm will pass.
But that is not going to happen. As soon as gold breaks through the $2,000 barrier it will face a new challenge: $3,000. The only question is how long it will take to reach that level.
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