Incredibly, I missed this huge news. It came out Thanksgiving Day. I was off the PC that day and I think the next few days I was not in a Post More Doom Mood.
But this is serious. It's from CitiGroup and it confirms what I've written here and here and here and here and here and here and here and here.
Citigroup says gold could rise above $2,000 next year as world unravels
The bank said the damage caused by the financial excesses of the last quarter century was forcing the world's authorities to take steps that had never been tried before.
This gamble was likely to end in one of two extreme ways: with either a resurgence of inflation; or a downward spiral into depression, civil disorder, and possibly wars. Both outcomes will cause a rush for gold.
Emphasis added by me.
This is CitiGroup saying this. Citigroup!
More:
"The world is not going back to normal after the magnitude of what they have done. When the dust settles this will either work, and the money they have pushed into the system will feed though into an inflation shock.
"Or it will not work because too much damage has already been done, and we will see continued financial deterioration, causing further economic deterioration, with the risk of a feedback loop. We don't think this is the more likely outcome, but as each week and month passes, there is a growing danger of vicious circle as confidence erodes," he said.
"This will lead to political instability. We are already seeing countries on the periphery of Europe under severe stress. Some leaders are now at record levels of unpopularity. There is a risk of domestic unrest, starting with strikes because people are feeling disenfranchised."
Emphasis added by me.
Let that first sentence sink in:
The world is not going back to normal after the magnitude of what they have done.
Emphasis added by me.
What kind of world is it going to be?
A living fucking horror, is what.
And where I break with CitiGroup is over their assertion gold will be a "safe haven."
Bullshit.
Sure, it'll run up in terms of value against currencies -- but gold is otherwise shit.
You're starving. You have a wad of gold. The guy next to you is cooking Last Chance Stew, made out of rats he's trapped, killed, and skinned. Your stomach has been empty for three days.
What fucking good is your precious metal?
Money and guns: Both worthless. Money is shit. And you'll never have enough ammo. And do you really want to go to your grave having shot other people to death? It's not like the movies!
Previously here: (gold)
Chronicles Of Depression 2.0: #419: Gold 2
Chronicles Of Depression 2.0: #409: Gold
Chronicles Of Depression 2.0: #407: $2K/oz.
Chronicles Of Depression 2.0: #248: Gold Coins
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