As if someone threw a BIG switch, the story of “De-dollarization” has suddenly burst through in the mainstream (that is, Establishment) media. To be sure, a combination of both economic and foreign policy rebellions against the U.S. of A. has caused much of the rest of the world to build the post-dollar world in more earnest recently.

And there are going to be monstrous repercussions as time goes on in what is already a “World War 3” of sorts over currencies, trade and commodities.

Yet Trevor and I brought a bit of sobriety to this discussion as well. Among other things, I explained the BIG difference between using currencies other than the dollar in bilateral trade on the one hand…and what it takes to have others embrace a currency as a reliable and transparent reserve on the other.

We spent a fair bit of time on gold and gold stocks in our discussion as well; again, adding some sobriety and reality to the ongoing plight of mining-related shares especially. As I quipped in a mid-week, portfolio-tweaking email to our Members, Gold bugs of late have been engaging in a veritable online coffee klatch, breathlessly heralding the end of this long “cup and handle” formation and the launch of the next major phase of gold’s secular bull market.

I continue to have NO doubt we’ll get there; possibly within months rather than years. Yet as I pointed out to Trevor, this is but one of a few examples in markets right now of a “Tale of Two Cities.” While spot gold has been tickling the $2,000/ounce level of late again on the strength of some recent speculative/safe haven flows, gold-related stocks as a group are selling for less than half their level the first time gold was up in this area all the way back in 2011.

Specifically, I explained that NONE of the three major factors that led to that epic run a bit over a decade ago are in place just yet.

And, of course, we discussed a host of other subjects: recession odds, the Fed’s conscious efforts to bring about a “managed,” multi-year deleveraging and more.

Make sure to take the time this weekend to LISTEN IN!

And then, if you aren’t already a Member, BECOME ONE. As I discuss in our Q1-ending issue about to be sent out to Members, I expect some notable shifts in our portfolio strategy to be crystallizing as we get into 2023’s second quarter.

All the best,

Chris Temple

Editor/Publisher

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