by Egon Von Greyerz, Gold Switzerland:
Tectonic shifts lie ahead. These will involve a US and European debt crisis ending in a debt collapse, a precipitous fall of the dollar and the Euro with Gold emerging as a reserve asset but at multiples of the current price.
The next phase of the fall of the West is here and will soon accelerate. It has been both precipitated and aggravated by the absurd sanctions of Russia. These sanctions are hurting Europe badly and affecting the US in a way that they didn’t expect, but was obvious to some of us. The Romans understood that free trade was essential between all the countries that they conquered. But the US administration blocks have both the money and the ability to trade of the countries they don’t like.
GOLD CLOSED DOWN MARGINALLY TO THE TUNE OF $0.40 AFTER BEING WHACKED THROUGHOUT THE NIGHT: GOLD CLOSED DOWN $0.40 TO $2014.75//SILVER WAS DOWN 26 CENTS TO $23.97//PLATINUM WAS DOWN $35.85 TO $1061.25 WHILE PALLADIUM WAS DOWN $39.70 TO $1518.70//IMPORTANT COMMENTARY TO READ OVER THE WEEKEND: ALASDAIR MACLEOD/IMPORT VIDEO TO SEE ANDREW MAGUIRE INTERVIEWING DAVID TICE//COVID UPDATES: DR PAUL ALEXANDER/VACCINE IMPACT/EVOL NEWS/SLAY NEWS//UPDATE ON THE DEBT CEILING//H4 NEWS ON THE HUGE AMOUNT OF FUNDS LEAVING BANK DEPOSITS AND ENTERING THE MONEY MARKET FUNDS//HUGE UPDATES ON THE IMMIGRATION CRISIS FACING THE USA
