From JEREMY SZAFRON
in Vancouver for Kitco News
A QUIET repatriation campaign launched by Germany more than a decade ago has now evolved into a global rethink of who controls sovereign wealth. Peter Boehringer, the architect of Germany’s gold repatriation program, says what started as a debate in one Parliament is now playing out in central banks around the world.
“I started this in 2007. For many years, I was the only one asking these questions in Parliament,” Boehringer told Kitco News. “It took six years to get an answer, and we only got moving in 2013. We brought back 674 tonnes – that was a success. But I wanted all of it back.
”Between 2013 and 2017, Germany moved 300 tonnes of gold from the Federal Reserve Bank of New York and 374 tonnes from the Banque de France back to Frankfurt. The operation was one of the largest physical gold transfers by a sovereign since the end of the Bretton Woods system in 1971.
“We did not even get the original bars back,” Boehringer said. “They were melted and replaced. We had to accept that. But Fort Knox? Not even an audit in decades. It’s unacceptable.”
The U.S. claims to hold over 4,500 tonnes of gold at Fort Knox. But there hasn’t been a full independent audit since 1953. The last partial inspection was in 2017, according to the U.S. Treasury. This lack of transparency has sparked renewed scrutiny, especially from lawmakers in Germany and Austria.
“The truth is, we trusted the dollar system after World War II because we had no choice,” Boehringer said. “But it’s no longer just about trust. It’s about control. If your reserves are abroad, you don’t really own them.”
That view is now reflected in broader trends. A new 2025 survey by the Official Monetary and Financial Institutions Forum (OMFIF) found that 70% of central banks say U.S. political instability is discouraging dollar holdings, up from 37% last year. One in three reserve managers plan to increase gold allocations in the next two years, with 40% planning to do so over the next decade.
“The central banks have failed not only economically, but morally,” Boehringer said. “We are printing money out of thin air. There is no solid foundation. The whole fiat system is not sustainable. We need something physical again.”
Spot gold is currently trading around $3,330 an ounce, up 27% year-to-date, according to Bloomberg data. Boehringer credited gold’s performance to global central bank demand, monetary debasement, and a growing awareness of “custodial risk.”
“We were once a country of monetary prudence,” Boehringer said. “Now we are debasing like everyone else. The debt brake is in the constitution, but it gets ignored. There’s no willpower.”
Germany’s debt brake, or “Schuldenbremse,” limits new federal borrowing to 0.35% of GDP. It has been suspended several times since 2020. According to the IMF, Germany’s debt-to-GDP ratio will exceed 66% by 2026 – the highest in more than a decade.
Asked whether Germany should increase its gold holdings, Boehringer said: “Yes, absolutely. We need much more. And we need it here, not abroad.”
Germany holds 3,352 tonnes of gold, making it the world’s second-largest official holder after the U.S. The Bundesbank says that as of 2023, 50.5% of that total is now stored in Frankfurt, with the rest in New York and London.
Bitcoin is sometimes cited as an alternative reserve asset. But Boehringer, a long-standing libertarian, was cautious.
“Bitcoin is interesting. I like the idea behind it. But it’s not a sovereign reserve asset,” he said. “Central banks will never trust something they can’t control.” Boehringer also dismissed the euro as a viable replacement for the dollar.
“The euro is just another fiat currency,” he said. “It’s not better than the dollar. It’s not backed. It’s not accountable. And we have no fiscal unity. That’s why the project will ultimately fail.”
Asked whether Germany could support the creation of a new gold depository inside Europe, Boehringer suggested the idea had merit – even if it remains politically sensitive.
“We can’t admit this openly,” he said. “There are no plans, officially. But the question is important.”
What would the world look like if the dollar’s share of global reserves falls from 58% to 50% by 2035, as projected by the IMF? “If the dollar drops from 58% to 50%, it means fragmentation,” Boehringer said. “And in that world, gold becomes the only common denominator.”
For voters, investors, and longtime followers of Kitco, Boehringer offered a final warning: “If the central banks are buying gold, and bringing it home, you should ask why. Don’t wait until they stop printing. By then, it’s too late.”
Pick the winner is easy if you’re an insider like many of them.
More generally speaking nothing is going up, everything is being diluted, the money is going down. That’s why people look at P/E.
CBA is behaving strangely, could be on a Globalist trajectory …
Haha, Ed’s like that headmaster who occasionally puts his head into the classroom.
Hello children, good morning Mister Ed.
He’s probably chilling out in the office sampling some Queensland bush weed.
Thanks for the info.
Here’s a pdf of Richard Smitten’s book, – an absolute gem.
https://ia802904.us.archive.org/24/items/how-to-make-money-in-stocks/thanks/trading/Master%20Traders%20Collection/Trade%20Like%20Jesse%20Livermore%20%282005%29.pdf
Duck
Well I suppose if Ed refused to answer, – maybe I’m still allowed to finish my post?
I suppose I’m banned now, so I’ll finish our conversation and be damned.
What I was going to say, is that if you look at the data, you can easily see how the long term trend of the market is ‘always up,’ interspersed with one or two irregular spikes followed by a drawdown to correct the spike and return to the mean trajectory. Anyone can see this if they care to look.
https://media.warriortrading.com/2020/06/Stock-Charts.png
Its also worth acknowledging, that after every market drawdown, not only does the market always recover to new ‘all-time-highs’ [so remember that], but the data also shows, that the corrections are getting successively smaller, e.g., the 2000 crash (81%), the 2008 crash (50%), and the 2020 crash (30%). So if this pattern continues?, – the next correction may well be around 20%?, – which is nothing.
So I’m personally not bothered and especially as the post-2020 market trajectory is looking rather normal at the moment: no massive bubble-bumps, so no massive corrections.
‘I can see opportunities I’ve missed for when to buy and when to sell from the graph, but wondering will the trend continue.’
As the chart above shows, the long term market trend is ‘always up,’ it never goes down [never mistake the waves for the tide], so if your unsure about individual companies, – why not simply buy the Market?
Go to Yahoo Finance, open up a long term chart of the S&P 500 Index or Nasdaq, what do you see?, – the leading markets only go up, so why not buy them, reinvest the dividends to compound, and forget about them?
With dividends reinvested, if the market crashes, your simply given more ‘free shares,’ so when it rebounds, as it always does, your new free shares will compound your investment higher still. That’s how positive compounding works, – volatility is ‘essential’ for investment growth. That’s what the ignorant don’t get.
The master of trends was Jesse Livermore: one of my all time favourites. If you read Richard Smitten’s excellent analysis of Livermore’s trading method, ‘Trade like Jesse Livermore (2005),’ he explains in simple language the fundamentally important concepts of pivot points, accumulation, dilution and pyramiding-up. These important concepts are central to how the ‘market engineers’ operate, so the understanding of these concepts are essential to those entering into their environment.
At one point, Livermore controlled the entire U.S. economy, where he alone, could move it up and down as he pleased.
When his buying method was finally understood, everything became obvious. The first thing he sought to determine was which industrial sector was about to lead the market, when confirmed, he then determined which company was leading the leading industrial sector. And that was basically it. Livermore now knew the one company/commodity that was leading the U.S. economy: and through extension, leading the global economy.
Livermore then implemented the process of accumulation via pyramiding-up, until becoming the dominant shareholder of the most important asset in the world.
So fast forward to today, where the market has just moved into the second phase (~2020-2030) of the new Industrial Revolution (~2010-2050), and we are now watching a routine changing-of-the-guard, where the existing apex companies are being replaced by new market leaders, – this long-term upward trend has already formed.
In the previous cycle (1971-2010), the leading industrial sector leader was the Intel Corporation, which rose 48,000%. This was followed by Microsoft, which rose 1,500,000% [that’s 1.5 million!], followed by Apple, which also rose by $1,500,000%.
Do you wonder why people out of market, or not long enough into these companies are victims of the Reverse Market Crash?
If you concentrate on buying the leading companies of the leading industry of the current economic cycle, there is no need to worry about when to buy or sell, you just buy and hold and let the sucker ride. Even if you missed Apple’s first growth spurt, but still decided to buy a mere $1000 bucks, switched off the TV and ignored the online doom-porn merchants, – you’d have ended up with $1,000,000 bucks. Even those who bought in much later still did amazingly well.
These are the companies Livermore would have bought to the max.
At the moment, as per normal, and as per every fifty years or so, the existing market leaders are slowly being replaced by a new group of leaders. This is what the data is now showing.
President Trump and President Fink are fully aligned with the CEO’s of these emerging companies, the latter is already an early stage shareholder, and he will soon be pulling the pin, – the MAGA team know.
Why people are miserable and whining about everything is beyond me?
In what context do you mean bagging Ed?
What happened to water off a duck’s back Duck???Editor
Stop bagging other commenters Michael. Editor
‘I can see opportunities I’ve missed for when to buy and when to sell from the graph, but wondering will the trend continue.’
Since records began three centuries ago, the historical data shows how the stock market only goes up, it cannot go down. As long as humans live, it can only go up.
This is what they don’t want the little people to understand, so they make regular little crashes, then frighten the ignorant away with fear porn.
There is only one market crash, which is occurring every single day, and the only victims are those out of the markets.
I will post something about later as I’ve got rush out now.
Thanks for the advice Michael.
I can see the benefits you laid out, I suppose it’s like jumping into that swimming pool the first time.
Not being able to feel or see it is a roadblock for me.
The more I’ve matured, the more placid and cautious I’ve become.
I can see opportunities I’ve missed for when to buy and when to sell from the graph, but wondering will the trend continue.
I’ll read up and might catch the next wave if it appears in 2027.
https://www.bitcoinmagazinepro.com/charts/stock-to-flow-model/
re: “Diamond Standard Carats”
Hehe… Quite an achievement for duckie to spell carats correctly. It’s been down so many rabbit holes you gotta wonder how come it didn’t spell it ‘carrots’. 😉
cataclysmic duck: “Ah your brilliant Poe comment that I had analysed.”
rotfl I’m flattered you were so impressed and took the time to check with so many bots. I checked your Quillbot lie and it showed 0% AI. I couldn’t be bothered checking the rest of your BS lie, but thanks for the complimentary stay in your head, duckie. lol
Michael Maier: “Reach your new destination, open your iPhone, and your wealth is with you. Leave it there, sell it, add to it, give it charity, do what you want with it. ”
That facility reminds me as a Bit of a parallel to the much less sophisticated Haavara Scheme and its commemorative Coin which ended up being ‘under-mined’ into obscurity.
Except this one has significantly higher asset growth and transfer potential.
Whether it will have better security and survival remains to be seen. But no doubt, it is certainly a growth opportunity for those who manage to get in and out before the Reichstag catches fire and all bets and promises are off. 😉
https://northshorenumismaticsociety.org/little-known-medal-marks-nazi-zionist-co-operation-in-1933/
Re: Diamond Standard Carats
I’ve never previously heard of this company or tokenised diamond concept, so have no valuable opinion on the matter. If I don’t know about something, I’m not going to hit the search button for a bullshit answer.
As with BTC, you are expected to have done around 1000 hours of intense research before having a valid opinion on the matter. So my advice would be to research this tokenised diamond concept for a similar time period before making any decisive financial decision.
Most people fail to realise that there are four distinct types of digital tokens. If people fail to understand these differences, which most do [as you recently proved], they will quickly end up in trouble. Not good if real money is involved.
All digital tokens are categorised as follows.
‘Digital Commodities.’ – (BTC with no issuer. This equates to digital real estate, often referred to as digital Manhattan).
‘Digital Stablecoins.’ – (Digital currencies pegged to an existing fiat currency, i.e. 1 U.S. Stablecoin = 1 U.S. Dollar. These are currently issued by private banks, coin companies and Governments are preparing to do so).
‘Digital Securities.’ – (Tokenised equities, stocks and bonds issued by Wall Street, etc).
‘Digital Tokens.’ – (Assets with an issuer backed by a digital utility. The function is to raise capital for small to mid-size companies that are blocked from the capital markets).
So I would presume?, that because Diamond Standard Carats are issuing digital tokens allocated to real diamonds, this would categorise their product as a ‘Digital Security.’
So the next thing I’d do, would be to determine where the diamonds are stored?, what the market potential is?, what’s the liquidity of the diamond market?, costs, etc.
The superiority of Digital Commodities and Digital Securities over physical securities rests upon effortless capital movement. Absolutely priceless in war zones, or other trouble spots or politically unstable nations.
Try leaving your country and walking through customs with $100,000 gold savings in your luggage, they’ll confiscate it, try walking through customs with $100,000 diamonds, they’ll confiscate it, try walking through customs with $100,000 cash, they’ll confiscate it.
If you’ve got BTC, or tokenised securities, you simply walk through customs with your wealth in your head, or cleverly email your keys to yourself in code. Reach your new destination, open your iPhone, and your wealth is with you. Leave it there, sell it, add to it, give it charity, do what you want with it.
The best investment is always to invest in an education into what you intend to invest in.
Ah your brilliant Poe comment that I had analysed.
“Based on your request, I have analyzed the provided text using several AI detection tools. The results are as follows:
Tool and AI Detection Probability
Poe AI Text Detector Bot 50%
GPTZero 65%
AI Text Detector 55%
AI Content Detector 60%
AI Detector by QuillBot 70%
These tools analyze various linguistic patterns, sentence structures, and other markers typical of AI-generated content. The varying probabilities suggest that the text exhibits characteristics commonly associated with AI-generated writing, though they also indicate that it may contain elements that are human-written or heavily edited.
poe.com
Conclusion:
The text in question likely has a moderate to high probability of being AI-generated, with estimates ranging from 50% to 70% across different detection tools. This suggests that while the text may have been produced or heavily influenced by AI, it could also have undergone significant human editing or augmentation.”
They’re doing a hit piece on KC3’s & PW’s business rackets including slum landlord heavily redacted stuff etc etc
“The King & The Princes Secret Millions” just scratching the surface, probably available on video somewhere
Joo brain sees double
cataclysmic joe: “daviddd22 the repetitious LIAR, the lowest form of life on Earth.”
Oh dear, duckie has had his feathers ruffled? lol There’s an even lower form, duckie, it’s the one that tells indisputable lies about chatbot analyses. So fk off and give my regards to your alter ego joe. lol
Michael true I wrote that bitcoin is attached to the dollar, maybe I should have written expressed on graphs in U.S. dollars, well all the ones I’ve seen anyway.
No need to be so uptight Michael, being a player do you have an opinion on Diamond Standard Carats as an investment?
PS
‘a useful conditioning tool at the very least’
The conditioning tool is the ‘very least’ part, – its not even relevant now.
‘Whatever the case, BTC is a useful conditioning tool at the very least for shifting real assets into virtual value.’
Thats precisely whats its about. Well done!
Oh!, and that BTC-SPX chart I posted. You should also know, that there are one or two things superior to that manifestly superior growing new digital power. These could best be viewed as the causative phenomena of the effected BTC phenomenon.
These power generators have already been set in motion and now run on auto-pilot. One was created by an exceptionally gifted engineer. Their causal power and natural economic anti-gravity properties are what draws the terrestrial power (capital) upwards, leaving everything beneath it.
It is the power of the underlying causal physics that draws the effected capital flow phenomenon upwards as the Lode-Star draws the Lode-Stone to itself.
Got to go now, – otherwise the Black Lamas of Shambala will find me! lol!🤣
Huey, Dewey or Louie?
‘If the U.S. is not in control of the central ledger then they are just another bit player.’
You really are the most ‘ignorant’ imbecile around, first you make the idiotic claim that BTC is ‘attached’ to the dollar, which would make it a stablecoin, which its not. Which clearly reveals that you don’t even know the primary ‘basic differences’ between tokens.
And then you make an even more ignorant statement [see above], which doesn’t even bear repeating!
It is abundantly clear, that like most people, – you don’t actually ‘understand’ the meanings of the words you attempt to use. Its just downloaded, shredded within your head, and reposted as such.
You are demonstrably ‘illiterate’ in the language you are attempting to repeat. Your not a duck, your a Mocking Bird.
What an absolute ignorant moron! there is very good reason why you people are being replaced by cheaper to run idiots.
And your wrong about cuckoo-clock kingdom, because as I said, its the Black Lamas of Shambala who secretly run the world.
Its that mischievous lot, along with their naughty accomplice’s, the Wicked Adepts of the Land of the Plumed Serpent, who use their Dark Arts to rule over governments without them even knowing!
Its the Wicked Adepts of the Plumed Serpent who secretly rule Australia from their secret base within Mount Melimoyu in the Andes: – and hardly anyone even knows about this!
I’ve simply given up trying to help people, – the evil of Black Lamas is simply too powerful.
What a friggin inbred excuse for a white man.
Sell your fantasies in another market, -you got no buyers here.
daviddd22 the repetitious LIAR, the lowest form of life on Earth.
Where have I stated, “…the Swiss population, half of which you reckon are descended from the Egyptians”
What I have linked more than once is a report that states that DNA testing shows that’s half the Swiss male population and Tutankhamen have a common ancestor, not descendant, twisted mother.
@Michael Mayer: re “The Government’s continued issuance of legal tender gold coins is a legacy from when gold coins were everyday currency. This in itself, goes to show that gold will never become a real currency again.”
I have to agree with that. Fiat currencies provide the Central Banks with much greater controls. However, Abbott in Texas has different ideas and is challenging the Constitutional provision which vests the creation of ‘coin’ in the US Congress.
Instead of gold or silver he’s likely to catch some lead if he presents a threat to the unconstitutional privilege the Fed has on creating money. 🙂
Then again, it could just prove to be a means of siphoning gold and silver from the peeps in preparation for eventually installing a total monopoly for CBDCs as legal tender.
The fate of BTC, whether it is served the fate of the Dodo or morphs into a CBDC, remains to be seen. Whatever the case, BTC is a useful conditioning tool at the very least for shifting real assets into virtual value.
cataclysmic duck: “The central bank of banks the Bank of International Settlements is situated in Switzerland.”
So what? The UN is headquartered in New York. That doesn’t make it American. Nor does that fact in itself make it American controlled.
Refer Michael Mayer’s very valid comment as to the zero power Switzerland itself has over the BIS. Switzerland is simply a favourable location for international ‘whales’ to get together to do their business unbridled by politics and ideology.
It’s no more than one of the world’s agreed safe (neutral) zones for capital, happily supported by the Swiss polity who enjoy their rental payments in exchange for implementing favourable financial regulations for the benefit of the international ‘whales’.
The rest of the Swiss population, half of which you reckon are descended from the Egyptians [ 🙂 ], get a cut for doing nothing and not rocking the boat. So everybody is happy.
Your ‘Swissy’ itself has no power beyond being supported as a safe haven which is accessible to all big players.
Why would Swissy be transparent ??? The real action is on the underside of the BIS, all those tax havens have to connect somehow. However the visible side is well into biometric etc ID, represented here by the RBA who handles passports, “PayID” etc. Would you really trust imaginary money to go exponential forever, while Swissy piles up gold ??? The Swiss Nazis who backed the ( 1st & 2nd & ) 3rd Reich are now onto the 4th Industrial Revolution, a revolution so predictable it reflects annoyingly twee automation systems exactly on the model of what Klaus Swab was previously boss of, Festo automation company. Cryptos are destined for a rug-pull at some point and the new “final solution” involves we the 13/14 disappearing. I’m not sure my life would be much affected if I had bought bitcoins in 2012 when they first went mainstream by cracking $100. I just don’t see myself heli-skiing with a nose full of cocaine. But the Swiss Nazis and the rest of their confederation probably have all sorts of simple, profane ambitions. Certain things they have been doing in their castles for many centuries.
“You’re desperate to identify their command and control centre in the one location whereas it exists in numerous forms and locations, each serving its purpose.” — daviddd22
The central bank of banks the Bank of International Settlements is situated in Switzerland.
The central ledger for the digital enslavement of free-men and free-women is to be controlled by the central bank of banks the Bank of International Settlements located in Switzerland.
“There is another reason why Governments still issue gold coins, – its the spread between the tender value and currency value. Very few people know what thats all about.
Thats a very well kept secret, – and for good reason! Can’t have every one knowing about it, or they’ll all be doing it!” — Michaela whistling Dixie
and
“It now becomes clear why the U.S. Government is going for the Bitcoin monopoly.” 🤔
If the U.S. is not in control of the central ledger then they are just another bit player.
Whistle some Dixie for me Michael, have you an opinion on Diamond Standard Carats?
☕️
‘Currencies are defined in different ways for different purposes.’
Agreed – anything is a currency if accepted as such.
‘Gold is listed as a commodity and is considered in some cases as ‘commodity money’ for purposes of exchange value akin to barter.’
Agreed its listed as a commodity, but its simultaneously issued by Government as ‘legitimate legal tender.’ But as Dice explained, you’d have be pretty stupid to buy a $1 Taco with a $1 tender value gold coin. The Government’s continued issuance of legal tender gold coins is a legacy from when gold coins were everyday currency. This in itself, goes to show that gold will never become a real currency again: despite what gold bugs or Constitutional Money advocates desire.
That said, a couple of days ago, the Texas Governor, Gregg Abbot, apparently legislated gold and silver currency. You’ll have to check that out as I didn’t take much notice.
There is another reason why Governments still issue gold coins, – its the spread between the tender value and currency value. Very few people know what thats all about.
Thats a very well kept secret, – and for good reason! Can’t have every one knowing about it, or they’ll all be doing it!
Huey, Dewey or Louie?
Erm? – your Fred chart?, what exactly are you asking me to notice?
That a ‘minor regional currency’ that barely circulates beyond its tiny borders is more powerful than a currency circulating the globe and used by every nation in the World on a daily basis?
A rising Swiss Franc is merely symptomatic of ‘foreign capital’ being stored there, nothing more.
A nation’s wealth is not measured in its currency, but its industry, as in its capacity to generate new wealth, not storing old wealth, hence, most professionals use the S&P 500 as the best metric of wealth.
The Swiss Stock Exchange is a non-entity, – remove foreign stored capital and its non-existent, except for a few watchmakers.
The capitalisation of the New York Stock Exchange (NYSE) alone, – is worth more than all all of Europe’s exchanges combined.
Yes that’s right!, – one single U.S. exchange is worth more than all of Europe’s exchanges ‘combined.’
Which includes the Swiss exchange.
But its not the NYSE thats the important exchange, – its the S&P 500. And if you actually knew anything about contemporary U.S. economics, which you clearly don’t, you would also know, that if you remove the Mag-7 from the S&P 500, the index is flat-lining at zero: meaning every other company is failing to generate profits!
So if the S&P 500 is rated superior to the NYSE, and the NYSE is worth more than every European exchange combined, – then what does that reduce the Swiss economy to? – not much.
And if you knew anything about contemporary U.S. economics, which you clearly don’t, you would then understand why the U.S. Government [not me!] is rushing forward the legislation for its Strategic Bitcoin Reserve (SBR), along with a developing tsunami of U.S. States, and other global Governments.
And just like the Swiss exchange is worth less than the combined European exchanges, and these are worth less than the NYSE, and this is worth less than the S&P 500, whose combined companies are valued at zero without the Mag-7. So its the Mag-7 that dominates the global economy. It now becomes clear why the U.S. Government is going for the Bitcoin monopoly.
Why?, – simply because they know the data, – where just as the S&P 500 companies are reduced to zero without the Mag-7, the Mag-7 is likewise reduced to zero against the Bitcoin network. A computer network that year-on-year has been growing faster than the Internet network, and continues to do so.
The S&P 500 Index (SPX) is that meaningless red line at the bottom of the chart: basically occupying the zero line.
https://www.tradingview.com/x/zVzHhA7H/
And you ignorant imbeciles thought it was a fucking coin!
And you seriously believe, – that people are going to listen to you?, and world Governments are going to listen to you?, – they will not.
“It means the U.S. plays second fiddle to SwiSSy.”
rotfl US and Swissy are run by the same crew, duckie. Swissy and the US are simply geographic locations with different roles, names which the crew hides behind.
They like it when you distinguish specific shades of colours, names, etc. It means you isolate and focus on one piece of their puzzle and you rarely get to see the picture it forms.
You’re desperate to identify their command and control centre in the one location whereas it exists in numerous forms and locations, each serving its purpose.
The crew backs both its ‘winners’ and its ‘losers’. Like all game and match promoters and race fixers. 🙂
@Michael Maier: “I would guess?, that the people you cite, who ‘generally consider’ gold and BTC to be commodities and nothing more, have more in common with this Taco Bell worker.”
lol Save the facetious bit for your Taco Bell mate. Because you are way off there as you correctly note in your subsequent paragraph acknowledging BTC and gold as commodities.
Currencies are defined in different ways for different purposes. Gold is listed as a commodity and is considered in some cases as ‘commodity money’ for purposes of exchange value akin to barter.
As such, gold is not issued by the Government as CURRENCY in the form of exchange ‘coin’ because it has a value inconsistent with its nominally stamped exchange value.
Copper or any other metal can also be used in barter but that doesn’t make it ‘currency’, either hard or soft. Run it past your Taco Bell mate in case he knows any better. 🙂
In El Salvador they failed to get the public off USD and on to Bitcoins ( despite or perhaps because of “volcano power” ), however the long term effect of BRICS+ will of course be to take the USD down. Japan tried to take over east Asian hegemony and got nuked for their trouble. Now China is having a go, a bit more sensitively. All this must have been planned for decades in advance by both sides. Swissy has been backing the CCP, they like that style of government. Eventually Swissy will pick a crypto and it will merge into CBDCs. Trump is doing the right thing, since the USA is in freefall. Tarriffs are hardly much different to GST here, we can get GST deduction, foreigners can’t.
Is anything I said wrong ? Like any academic paper my comment is open for disagreement, the proviso being that the opponent should be at least smart enough to contribute something of value.
“As for the dollar taking a little beating, so what!, – your point is what exactly?, – if the World’s reserve currency has just ‘taken a little beating,’ then what does this say about every other currency?”
Yes…nah.
https://fred.stlouisfed.org/series/DEXSZUS
It is from Federal Fred Michael, the empire is dying from the inside out, tens of trillions in debt, an education system that indebts its brightest young minds for decades, a country who tapped out when their biggest South West Asia military base just got pummelled, a country whose proxy in Europe is nearly down to the last man.
The death throes of a dying empire Michael, even European Union criminal elites are making trade deals with Eastern Asia.
Gold has a stock to flow ratio somewhere around 70/1, silver about 25/1.
I can’t see any other tangible, durable commodities retaining value when the most marketable commodity fiat money burns and the lights go out.
Bitcoin’s stock to flow ratio can only go up due to its halving every four years, that’s why it’s highly volatile.
Maybe that’s why central banks in recent times have been gold hungry.
‘It means the U.S. plays second fiddle to SwiSSy.’
Oh right? – and there was me thinking it was the Black Lamas of Shambala?
Is this the only market you’ve got to sell your worthless moronic garbage?
It means the U.S. plays second fiddle to SwiSSy.
Is it such a good thing Bitcoin being attached to the USD now that the USD is taking a real beating?’
Looks like another fast-food search engine result comment.
Bitcoin might be priced in U.S. dollars, but it is not ‘attached’ to the U.S. dollar, as in pegged, – as that would make it a stablecoin: which its not.
As for the dollar taking a little beating, so what!, – your point is what exactly?, – if the World’s reserve currency has just ‘taken a little beating,’ then what does this say about every other currency?
Over the past century the U.S. dollar has lost 99% of its purchasing value, or in other words, – it now has 1% of purchasing power remaining.
That’s the good news.
And now the bad news.
Every other foreign currency is devaluing against the U.S. dollar, e.g. the Argentine peso has lost 99% of its value against the dollar, the Turkish lira 95% [last week rising to 97%], the Indian rupee 90%, the Pakistan rupee 87%, the Brazilian real 65%, etc.
But remember, – these percentage values are measured against the dollar’s remaining 1% of value!
Yes that’s right, – India’s rupee is currently devalued to 90% of 1%, or 90% of a cent. So the Indian rupee’s current real value is 10% of 1 cent!. That’s the hidden reality.
Over the past twenty years, Argentina’s peso has lost 99.8% of its value against the dollar, where at the same time, the dollar has lost 75% of its value against the S&P 500 Index: – a better metric of value.
So the Indian and Argentine money, along with every other fiat currency, has just been devalued further by the dollar taking another little beating. I suppose your cheap Google search engine result never thought about that?
As gold prices are fixed in different currencies in each country, and each currency is quickly devaluing against the dollar, international gold prices end up vastly different according to their respective currencies. So real valuations have a tendency for getting out of hand.
So in India, whatever the spot gold price is in rupees, that will always be 90% less than its real dollar value, and that’s not including Seigniorage.
So its all a bit potty really.
‘Very prudent, ’cause neither Gold nor Bitcoin are generally considered as hard or soft “currency” despite their stock-flow ratios. More as commodities.’
Most ‘professional economists’ and ‘professional dealers’ would disagree with your statement. But don’t let me change your opinion, – that’s none of my business. You know me, I respect every one’s right to choose.
But I would like to point out, that when gold is used as money, which every Western government still issues every single year, gold coins are set with two prices: i.e. – [1]. The legal tender currency value: e.g., a British Gold Sovereign has a legal tender currency value of £1.00, and [2]. The gold commodity value of £600.
I would guess?, that the people you cite, who ‘generally consider’ gold and BTC to be commodities and nothing more, have more in common with this Taco Bell worker.
https://www.youtube.com/watch?v=Ef0VG1WEP10
It is precisely because of such erroneous ‘opinions,’ why 90% of people get fleeced by the Market. The Market really doesn’t care about people’s ’boutique financial opinions,’ emotions, wealth status, or anything else, its only concern is being right, – and its right 100% of the time.
If I listened to every ‘nouveau financial opinion’ popping up on comments boards, mostly posted by people who’ve never even been in the Market, – I’d be working in Taco Bell, an office, or something.
But I do agree with your statement that BTC is listed as a commodity [but like gold, it has a twin currency and commodity value], which is rather funny, as it actually comes under the legislation of the U.S. Agricultural Department!, – along with corn and wheat! This is what Senator Lummis is currently trying to resolve on behalf of the U.S. Government’s new economic model.
………
But don’t get me wrong, I’m not averse to gold or anything, as I’ve always owned a combination of bullion which I don’t sell, and allocated gold equities for trading purposes.
What I usually do is let the gold equities increase in price, cream-off the gains, then divert them into a higher stock-to-flow asset. This multiplies the gold gains by converting them into a more valuable asset, which is basically acquired for free.
Even though gold is a relatively low stock-to-flow ratio to what I demand, I always like to have a ‘gold-mule’ working hard for me. I’m just not nostalgically attached to gold, – its a useful leverage device, that’s all.
According to the current market environment, BTC is tending to follow gold, so gold is advancing a few steps ahead, but with slightly lower annual gains. So what I like to do is let my gold equities rise, whilst BTC is lagging behind, then sell the gold profits and move them into BTC. As BTC replicates gold’s preceding movement, the gold profits now diverted into BTC, then tend to repeat their earlier rise. Its a bit like repeating a successful trade a second time. Then rinse & repeat.
It just a game.
The conversation’s starting to move off topic now, so it’s probably time to return to more interesting things?
@Michael Meier re “I would modestly prefer not to say.”
Very prudent, ’cause neither Gold nor Bitcoin are generally considered as hard or soft “currency” despite their stock-flow ratios. More as commodities.
Michael I notice the model variance of your beloved bitcoin has danced up and down in harmony with the stock/flow and unit price, but since the last halving have headed in opposite directions and the unit price of one coin USD 107k has not reached the plateau of its projected model price USD 343k for the first time since 2012.
Is it such a good thing Bitcoin being attached to the USD now that the USD is taking a real beating?
There I was thinking you were a cryptos shill
‘And which ones are those, in your modest opinion?’
I would modestly prefer not to say.
Michael Maier: “A currency with a higher stock-to-flow ratio of course.”
And which ones are those, in your modest opinion?
=0s
Michael 👶
h ttps://www.youtube.com/watch?v=AYrpROr9Gmk&t=64s
‘Which harder currencies?’
A currency with a higher stock-to-flow ratio of course.
Gold’s stock-to-flow ratio isn’t that special, as more can easily be mined, thus, increasing the flow, which lowers its stock-to-flow ratio making it a softer currency.
In May 2025, gold’s stock-to-flow ratio was lower than 110, and getting lower, thus becoming a softer currency against those higher than 110.
Michael Maier: “So it [gold] sits there, quietly being demonetised by scarcer contemporary harder currencies.”
Which harder currencies?
“gold is not scarce, as more can easily be dug out of the ground”
The extraction price is more or less a model that “bitcoin mining” was designed on.
When the gold price goes up, less viable mines can reopen and try their luck, which helps to stabilise the price, until the next panic attack.
How can the metallic money of an
obsolete nineteenth century banking model solve Germany’s twenty-first century economic problems? – It cannot.
Germany’s primary economic concern should involve stopping the Ukraine war, which Berlin actively supports, as this would instantly reconnect Germany’s collapsing heavy industry to Russia’s cheap energy supply. A common sense return to Germany’s productive and cheaply run industrial base is far more beneficial than a lump of metal sitting beneath some building.
Gold is simply too slow and cumbersome to function as a twenty-first century cash settlement role. So it sits there, quietly being demonetised by scarcer contemporary harder currencies.
Value is rated according to scarcity and demand, but gold is not scarce, as more can easily be dug out of the ground, which dilutes the value of the existing gold. This is what happened during the California gold rush, etc. Look what happened when the Spanish conquistadors returned from Latin America laden with stolen bullion, they didn’t make Spain richer, – they did the exact opposite, – their gold massively diluted the existing gold in circulation, resulting in Spain’s hyperinflation, economic collapse and destruction as a European power.
……..
Peter also lamented.
‘The central banks have failed not only economically, but morally, Boehringer said. ‘We are printing money out of thin air. There is no solid foundation. The whole fiat is not sustainable. We need something physical again.’
‘The whole fiat is not sustainable’!, – what took you so long Peter? – politically shackled or something?
But even if Peter gets his gold back, Germany still needs to trade, and because international trade occurs in U.S. dollars, – still the World’s most valuable and sought after fiat currency, – what will Peter do?
Buying U.S. dollars with Euros that are devaluing faster than the dollar doesn’t sound too intelligent?, so maybe Peter will start exchanging his gold for dollars?
So how much will Peter be selling his gold for?
Well if he understood the concept of Seigniorage, he’d know that It costs 17 cents to print a U.S. $100 bill. So the FED ‘money-printer-man’ can now buy $100 worth of goods for 17 cents: – what’s not to like? So gold at the current price of ~$3000, means the printer-guy from the FED pays ~$5 per ounce of gold.
What part of Seigniorage doesn’t Peter get? – does he really believe his gold is still scarce and valuable?
America could easily buy as much gold as it wants, – for five bucks an ounce, – but it doesn’t want to. It would rather put its dollars to work elsewhere: into more productive, and thus, – more valuable twenty-first century assets.
Pieces of paper with claims on them don’t mean sh-t.
Possession is 9/10ths of the “law”, the other 10th is the means to enforce/defend that possession.
Possession and defense then is the whole of the real “law”(reality), irregardless of words or claims.
Paper or “words” of “law” can only enforce or defend by make-believe, by pretending, or: ultimately; deceiving.
Law and reality are the same(even this fantasy world has a kind of “virtual “reality” that operates that way), to make laws that attempt to alter or oppose reality is a deception, and to accept them is delusion.
Dumbasses that believe gold is some kind of….what? Of great value? Hahaha…
It’s a scam. (oh, but you can make “money” off it if you do it “right”…yeah, fake value for another fake value…while the deceivers (con-artists and chaos magicians) have co-opted your defensive capability, and now are in possession of that and the means to enforce it…now you are a slave, but you get to play some games that might offer you some “privileges”).
The money was fake(counterfeit) to begin with so the “debt” is fake and just a “claim” on paper.
MIGHT MAKES RIGHT IN THIS WORLD.
NOTHING ELSE REALLY MEANS SHIT.
Window-dressing and deception.
Predators and parasites rule this world. If you’re not one of them…what does that make you?
There’s one way out of this predicament. Be neither. And seek the alternative beyond and before this “world”.
Where TRUTH Rules Supreme.
Commenter duck
All these cryptos are market experiments in finding good models for traceably currency, good including public acceptance. Swissy will choose one eventually. Looks like DARPA was Satoshi. We will all be nice and transparent except for the uber-rich who use the dark side of the BIS and the upper middle rich who use all sorts of offset accounts, one good example of which was the Chinese buying Sydney ( and Vancouver ) even after the CCP stopped them from taking money out, they were putting it into HSBC in HongKong and it went through an invisible tunnel and came out in Sydney, all done by credit no wollies mate. Thanks to an offset account and rampaging inflation you just wait a while and when time comes pay off your loan with small change. No wonder the CCP had to seize HongKong. Who knows what’s going down in Taiwan.
I asked my little e-friend how much gold was in Switzerland and it said maybe more than a million tonnes, they have 4 of the world’s top 7 refineries. I looked up Holy Land Mint and it was also secretive being a side-hustle of the Bank of Israel, which is valued at somewhere halfway between Commbank and Westpac.
Australia sold everything in the late 20th century throwing us into accelerating, perhaps exponential, debt to Swissy. The government is like drug addicts writing IOUs for everything since they took all of what they owned to the pawnbroker. What WE think we own here is largely illusory and via swindles it’s disappearing. Here in WA the boy scouts cancelled their rifle shooting events because the WA Roger Crook govt is working to ban all forms of self-defence. You know the playbook from there. There are stories of vast numbers of Indians being shipped in. I have no quarrel with Indians or Chinese but I don’t see the urgency of eliminating Australians since they are already breeding slower than replacement rate. The UnaParty is intent on apartmentising everyone just like in China, and cutting their hourly rate to $2 as Gina told us long ago. The reason is that the Top 300 or however you like to call them, domiciled in and around Swissyland, need all the gold and all the land titles. These bloodlines have been working on World Domination since at least Alexander the Great, and his top general Ptolemy, controlled half of the known world.
Swissyland has been their focus for longer than 1000 years. Only dumb bunnies let go of their gold, to wit: the French bought a lot of gold from the USA at $35/oz in 1971, then a few years later the price was 10x. At that time the “oil shock” proved the Arabs knew the USD was junk. The uber-rich, which includes a multinational coalition, are picking up more and more gold, through their black-ops and public fronts, they will never get tired of more gold. Why do you think Swissy blueblood Lord Muck wants to go to Mars. He will have robots swarming all over the place.
The decline of the U.S. empire.
Monday 10am U.S. Eastern time could be profound with barricades being erected outside the White House and the Treasury.
https://fred.stlouisfed.org/series/DEXSZUS
Your enslavement
h ttps://www.bis.org/publ/arpdf/ar2025e3.htm
brianjnz: “I thought there gold was over there with a label on it.
They now have someone else’s gold. The last man to ask for his gold will get nothing?”
Ponzi’s school of fractional gold reserve holding. lol Everyone scrambles to get their ‘investment’ out before the shithouse goes up in flames. ‘Cept there won’t be enuff sht to go around. That’s where we come in.
zzzz3856: “Treasurer, Peter Costello, sold off 167 tonnes of gold reserves, reducing the RBAs holdings from 247 tonnes to 80 tonnes. …. etc.”
He, he…. that was when the foreign Money Merchants called in their chits and we sold pretty much everything to stay afloat. Gotta wonder what else we’ll have to sell when the next call comes for the $trillion in debt we have been saddled with since the Howard and Costello Blow.
Most of the arseholes grubberning us have already sold out. That just leaves our own as collateral.
They did not get their original bars back. Melted replacements.
What in the hell is going on.
I thought there gold was over there with a label on it.
They now have someone else’s gold.
The last man to ask for his gold will get nothing?
“I once was blind, but now I see”.
Hahahaha! (suckers!)
The same with all the rest of that JEWelry crap. Worthless trinkets.
Gold is just another jew-scam.
I’m unaware of any real value of gold other that some uses in electronics.
Bullets have more value, if you have the means to use them.
The credit ratings of Australia and Germany are pointing south, just as both countries made 1st and 2nd place on the Chat GPT “longest per capita recession in the world” list. By the time they look like recovering ( if ever ) the ratings should go down a notch and then we can pay more to the banksters for their fiat currency and slow down the trajectory toward the next boom.
I would guess the Germans are trying to claw back their gold in view of losing their AAA rating and also the brewing war which we are told has huge amounts of troops and equipment moving into Poland and Romania, along with the incessant beating of the war drums by our propaganda units such as ABC-TV.
If an audit can’t be achieved for any gold stored at Fort Knox , audit gold movements out of there to where and to whom .
Why should the U S control all other currencies via the US dollar when they cannot even control their own spending and budgets?
If everything is above board with gold storage in the Federal Reserve or elsewhere, why are there no annual audits as in other accountancy processes? But to go from 1953 since an independent audit is ludicrous. Once the gold is on their own soil it is up to the sovereign country to accept responsibility for audits. Who in the modern world would trust another country, let alone the U.S.?
Exchanges between countries of gold bars to settle trade balancing could be done at convenient times for each of those countries.
With no audits of the largest quantities of stored gold how can a “gold price” be reliably set for any particular gold bar or per ounce?
I don’t think there has been much gold in Fort Knox for quite a while.
The RBA under the direction of then Treasurer, Peter Costello, sold off 167 tonnes of gold reserves, reducing the RBAs holdings from 247 tonnes to 80 tonnes. He highlighted the cost of holding gold and thought we should invest in US Treasury notes instead as ‘gold no longer plays a significant role in the international financial system’ – this was according to the Sydney Morning Herald.
Well done Australia.. Our holdings are even less than Romania, Uzbekistan and Venezuela.. A very costly mistake given the current economic climate and the rising price of gold.
So how are our gold mines doing?
Imagine if Aus mined and sold its gold at market price, rather than outsourcing the extraction and on-sales to international miners. As a country, we’d be in the black. Aus could have kept 5-10% aside as stabilizing asset.
Aus govt only receives royalties, offset by taxible deductions.
Treasury is lucky to break even. It’s a bad joke.
According to the chart below, miners can access gold for another 11 – 34 years (inferred resources).
https://www.ga.gov.au/scientific-topics/minerals/mineral-resources-and-advice/aimr/preliminary-tables
Commenter buckland
Here’s a nice short history of money and credit from an Irish lady, and the Irish should know. The English pirates went into business on this model about 400 years ago, this is well before Rotschilds hung out their shingle.
Not sure if the truth will set anyone free but it might be the first step on the way.
https://www.tiktok.com/@alimcforever/video/7519525112475929878?q=alimcforever&t=1751067865355
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