David Friedberg

So if we take a look here,

around the world, central banks have decided that they no longer want to hold US treasuries.

And so this is the value of gold versus treasuries in central banks in their inventory.

So we are now seeing that for the first time in history, or no, no, no, hold on.

Yeah, but the dollar value is also adjusted.

So fundamentally, I mean, one way to think about this is the relative value of central bank holdings around the world.

We now see gold eclipsing US treasuries.

So now gold is a larger share of the holdings.

Yeah.

So now the gold is a larger share of the holdings of central banks.

If you look at the next chart, which is just over the past year, as J. Cal pointed out, this is the dollar index.

So it's the dollar against a basket of foreign currencies has declined from a index of about, call it 109, down to 96 today.

This chart actually looks at, so what is the U.S.

stock market trading at?

And instead of trading it in U.S.

dollars, what if you just looked at the U.S.

stock market, the total value in ounces of gold?

And so if we had the gold standard still, and if we functionally converted stock market value from dollars back into gold, you can see that the stock markets in the United States over the past years, so this is about seven and a half years going back to the pre COVID era, is actually down, down pretty substantively.

from the pre-COVID era.

So stock markets are fundamentally down.