MIDAS October Portfolio Update
A central bank can arguably be worthwhile as a liquidity backstop in an emergency. However, when non-economic actors start exerting a heavy influence on private sector activities, there are bound to be suboptimal results. In today’s economic conditions, circumstances may ultimately force the Fed to take even more extreme actions than it has taken already. If so, the demand for a politically neutral, un-printable, stable reserve currency to settle international trade could rise exponentially. That currency is gold. For now, Dan gives guidance on all open positions in the portfolio.
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