Australia just fired a serious shot in the currency war by cutting its overnight lending rate to a record-low 2.25%.
With the aussie as a result tanking, local holders of bank accounts and cash are quite a bit poorer than they were at this time last year. But owners of gold are doing just fine. While the metal is falling again here in the US (which is at the moment trying to withdraw from the currency war), it’s up about 20% in the past three months in countries like Australia that are on the offensive.
8 thoughts on "This Is What Gold Does In A Currency War, Australian Edition"
Gold doesn’t do anything in a currency, but it does cause a lot of damage to the weak minded.
Yeah, the weakminded Agentinian, ,Russian, Zimbabwean, citizen who did not protect themselves by owning some before their various currency collapses
Pathetic. The RBA (Reserve Bank of Australia) FOLLOWS the market rates. The market determines rates, NOT the RBA !!!! In that regard one John Rubino should shed your “Austrian school” way of thinking.
Thanks for the reminder John. It is good for U.S. centric investors to understand that Gold is money par excellence. All phony fiats eventually bow down to bullion. Fundamentals dictate that every fiat currency has & will continue to lose value against bullion this millennium.
The real winners of the ongoing “Global Race to Debase” are going to be longterm holders of silver and gold bullion. Stack accordingly.
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Thanks for the reminder John. It is good for U.S. centric investors to understand that Gold is money par excellence. All phony fiats eventually bow down to bullion eventually. Every fiat currency has & will continue to lose value against bullion this millennium.
The real winners of the ongoing Global Race to Debase are going to be longterm holders of silver and gold bullion. Stack accordingly.