First thing I read after buying RXL seems reasonable. We are expecting a recession or depression this will cause deflation which will be bad for gold but I guess the playbook requires money printing so maybe currency debasement is stronger than lower demand. I don't know, we have had pretty massive inflation but it has been in asset prices not in the CPI. The article has helped to cool my ardour for gold. But as nothing is certain will hang in for the long haul.
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