Agree, although Mr Armstrong may be incorrect on a point; "Of course, the gold bugs think this is because China hates the dollar and sees the world returning to a gold standard"
Bit of a strange statement here. Firstly China has every reason to hate the USD, because they are constrained to commodity trading in USD, and in addition they would have an increasing concern of USD risk due rampant devaluation of the unbacked world currency. The debt levels and fiscal stimulus is crazy now, we've absolutely 'crossed the Rubicon'. This is a one way journey. No wonder the 'great reset' is formally publicised now. Thanks to the likes of Armstrong for speaking against this:
https://www.youtube.com/watch?v=8rAiTDQ-NVY
China want to circumvent USD commodity markets. And given the state of monetary systems there's every chance they are backing their currency (or a crypto equivalent) with gold, or just stocking gold in general as per video below. Why the heck wouldn't they in this monetary environment.
And for those who think there's no problem: 1 bedroom dogbox apartment: 350K. For a nice one, > 450K. Suburban house 1M. Bacon and egg roll: $15
Yeah no inflation here....700K mortages are fine, RBA have locked rates low for years. All good until oil and industrial commodities rise, which they are. What a disaster. Meanwhile gold's on sale, NST 12-13 bucks, what a steal!
Watch from 54:40 to the end, for comments on China.
