Ann: Mt Clement Update and Regional Consolidation, page-48

Reserve currency needs a mature bond market, the rule of law and a deep operating auction market for traders and money flow. No other country has that like the US. China has no chance as it is. If China decides to pay for oil using its own currency and play around with exchanging that for other things, it’s still going to be less than 2% of the global exchanges in US dollars terms. The US dollar is losing value, as is every other printed currency. China has a printed currency and they print to prop up their banking system as well. The only difference will be if they decide to partly back their currency with gold/commodities. Russia could do the same, but the world will still be wary of these countries. the weaponising of the US dollar when the Ukraine war started has only helped push some countries into gold. Central banks have also been hoovering up the yellow metal.
Gold in 1974 was US$35 per ounce. It’s now US$2000 per ounce. That shows you how much the dollar has lost value. The yanks are going to keep printing and spending. The debt will keep rising. The world is going to keep this going. Gold is a great place to be over the next number of years.
That $35 in 1974 would take your family out for a steak meal in those days. That is now A$3000 equivalent. You could feed your family for many weeks. The world doesn’t need the US dollar to fall over for gold to go much higher. It’s on a decent ascent as we speak. Banking issues, printing, debt, wars, uncertainty, inflation are all adding to the desire to own gold. This current level feels more like a consolidation period to me.

Bc8 keeps clawing its way toward production. The margins here would be very good.