Go back to 2000, 2001. Because when we had the stock market bubble
at that time, gold had been in a bear market for 20 years. The dollar index was 120 in 2000. And when the US stock market bubble burst
in 2001, the dollar went down. Gold went up. So today we’re similar to that circumstance
in where the dollar and gold are trading. So right now we’re going to get movements
into gold and out of the dollar because of just where everybody is aligned. But ultimately if we get the type of crisis
I believe where the Fed has to allow inflation to rage out of control, where they’re forced
to print money into a weakening economy, into a falling bond market, into an inflationary
environment where gold prices are rising, where commodity prices are rising, that’s
the end game for the Fed. Because now everybody realizes the box the
Fed is in, they can no longer pretend that they’re going to be vigilant and fight inflation,
because they’ll obviously have surrendered to it because they’re going to choose to fight
recession instead. They’re going to choose to bail out the government
rather than defend the dollar.