Peter St. Onge

When you exchange it, how much do you pay in commissions and such?

Yes, it reduces that a little bit.

What I'm much more concerned about is the dollar as a store of savings.

So there it comes down to the Fed.

What the Fed just did with this, what was it, 20%, 25% plus inflation on official numbers, arguably 40%, depending on how you're counting.

That kind of thing, I think, is catastrophic for the dollar as a store of value.

Before the 1970s, the dollar was seen as good as gold.

It was good as gold.

You could literally exchange it for gold.

Since then, twice now, the Fed has just really dropped the ball in the 1970s and again under Powell.

So those are very dangerous to the dollar.

The thing is, you can't beat something with nothing.

Right.

So to a certain degree, some of the currency demand is going over into gold.

Gold just passed the dollar in central banks holdings a couple of months ago.

So some of it is going over into gold.

But gold is very illiquid.

Right.

So like until a country actually adopts gold, which historically doesn't happen until you have a massive blow up until that happens, gold is going to have a ceiling on how much it can adopt.

really what would theoretically destroy the dollar would be another currency.