Michael Keller
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Appearances Over Time
Podcast Appearances
But I think it bears repeating.
The second is the debasement trade is on pause.
And we can see evidence of this in the gold price.
So gold is creeping closer to $4,000 per ounce.
Which is down, right?
It's down, right?
It was $5,300 or so at the highs when Peter Schiff was dancing on the other side.
It's down significantly since then.
Michael Howell actually had a great post on this, and he talks about the reason why it's on pause.
And it's because over the past few months, China has really paused on kind of their money printing printer.
And so liquidity has actually reversed coming out of the PBOC.
He's not actually sure why.
People aren't sure why.
He points to maybe the Iran conflict causing China to just be like, oh, pause.
We don't want more production.
We don't want to consume more oil.
But for whatever reason, they have paused liquidity.
The dollar is strong.
The Fed isn't printing much more liquidity.
So liquidity cycle has changed.