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Gold, Silver, and Monetary Stability
The year 1873 marks a turning point in monetary history. In July, the Reichstag of the newly established German Empire replaced an array of silver-based currencies with the gold mark. In September, the Paris mint limited silver coinage, ending the double gold-silver monetary standard France had maintained for decades. And earlier that year, the US Congress legislated the phasing out of the temporary paper currency of the Civil War years, to replace it with a gold dollar once the government resumed specie (coin) payments (which happened in 1879).
Ray Dalio All Weather Portfolio [The Definitive Guide]
Imagine a portfolio that you can own for life. A portfolio that does well during inflation and during deflation. A portfolio that works in economic growth and economic stagnation. A portfolio for the best of times and the worst of times. This is the idea behind the All Weather Portfolio. The All Weather Portfolio was created by Ray Dalio and his firm Bridgewater Associates, currently the largest hedge fund in the world. Bridgewater manages over $150 billion in assets and is known for their analysis of economic cycles as one of the top global macro hedge funds on Earth.
CBDCs — The good, the bad, the ugly
There has been much comment over the likelihood that central bank digital currencies will be introduced. I conclude they are unnecessary — a red herring. But it does allow us to discuss their possible relevance to a new Asian super-currency. Earlier this month, the Bank of England in partnership with the UK Treasury produced a white paper on the subject, which waters down the objectives identified by the Bank for International Settlements considerably. The British proposal is a bad idea because it is pointless and I explain why.
Estimating the True Size of China’s Gold Reserves
According to my analysis, the Chinese central bank owned 4,309 tonnes of gold on December 31, 2022, which is more than double than what is officially disclosed. My estimate would make China the second largest gold reserve country after the US. The Chinese private sector holds 23,745 tonnes, bringing the total amount of gold in China to 28,054 tonnes. China and European countries are in agreement to equalize their ratios of monetary gold relative to GDP in order to prepare for a global gold standard.
From Joe
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