Gold has jumped above $5,000 an ounce for the first time, as Donald Trump’s chaotic policies and proclamations drive more investors to seek safe harbour in the precious metal.

The price of the yellow metal reached a record high of $5,100 on Monday morning, before easing back to settle up 2.2% at $5,089.

The historic moment came as Trump threatened Canada with 100% tariffs if America’s northern neighbour “makes a deal with China”, and after the US president’s dramatic showdown with Europe over the future of Greenland.

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[–] 10 points 9 months ago* (3 children)

And so the major recession that's long been predicted finally begins (right on time, IMHO - they almost always start in the latter half of January when they've been pushed off as much as possible like this & the investors get the year-end numbers they wanted).

As conditions deteriorate and people become more desperate, Trump (more accurately, his Heritage Foundation handlers) will use the disarray to impose martial law, and the US will decend further towards civil war.

I hope I'm wrong.

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  • [–] 2 points 9 months ago (2 children)

    It might actually technically not happen. The biggest increase in US exports has been gold. If say Germany moves the gold reserves it has in the US to Germany, that is the US exporting gold and it would end up with 0.5% increase in US GDP. Welcome to Trump making some intressting decisions.

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  • [–] 3 points 9 months ago (1 child)

    You mean the german gold that the US refused to allow the Germans to see when they wanted to confirm its presence? Something will happen if Germany does request to move their gold, just depends on how bad of a shit show it will turn out.

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    [–] 16 points 9 months ago (2 children)

    It's small; but my grandfather, who regularly takes trips across the border (Can>USA) to buy groceries, gas, and visit casinos, exchanged his perpetual collection of USD.

    He's never going back to the US.

    'investors' large and small are abandoning the US. Rightfully so.

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  • [–] 6 points 9 months ago (1 child)

    I moved to Sweden a bit ago and basically speed ran dumping my usd into euros and sek. I'm keeping some behind to help fund people escaping, it's not much but if I can even help one person it's worth it. I pulled the plug on retirement too because I also plan on never going back and I want to be as far from US markets as physically possible

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  • [–] 1 point 9 months ago

    I yanked retirement out and actively leaving now too. IF I ever go back I expect it will be a decade or more because I don't believe it will be safe any sooner than that.

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  • [–] [S] 26 points 9 months ago* (4 children)

    And so the major recession that's long been predicted finally begins. Right on time, IMHO - they almost always start in the latter half of January when they've been pushed off as much as possible like this & the investors get the year-end numbers they wanted. You'll find out the big guys have been selling off for at least a week already.

    As conditions deteriorate and people become more desperate, Trump (more accurately, his Heritage Foundation handlers) will use the disarray to impose martial law, and the US will decend further towards civil war.

    I hope I'm wrong.

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  • [–] 13 points 9 months ago (2 children)

    Hasn't hit bullet prices yet, but it's going to.

    Hell, we legitimately might not be able to buy guns or bullets soon.

    But right now it still costs surprisingly little to outarm the fascists.

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  • [–] 2 points 9 months ago* (last edited 9 months ago)

    Gold has actually been going up at a good pace for a while now, especially since Trump was elected in the US - for example its price went up 65% last year in US Dollars, whilst the year before it went up 40%.

    The trend has been for a while of Gold going up in price or, the way I see it, the economies behind the biggest currencies becoming more and more disfunctional. Absolutelly, the latest Trump shenennigans have accelerated the price growth for Gold in USD, yet as I see it a person like Trump getting elected as US President is itself a sympthom of a larger malaise in the US so the entire Trump clown show would have played one way or another even with a different head clown.

    Gold is basically the ultimate refuge against economic uncertainty - which in turn is often the indirect result of political and societal problems, the worst the economic uncertainty the more likely it's caused by such deeper problems - an since at least the 2008 Crash shit has jsut kept getting worse since the problems behind the 2008 Crash (over indebtness, Financial deregulation, growing inequality, a general political environment that vastly favors rent-seeking activities and so on) weren't actually fixed, just pushed to be solved later with things like "temporary" (but never significantly reversed) ultra-low interest rates, and, well, the Future is Today and the system is riddled with market bubbles, parasites and barelly hidden widespread empoverishment with the current generation being the first one since WWII that has worse economic prospects than their parents.

    Personally having been in the middle of the Finance Industry in the 2008 Crash and seeing up close how things were "solved" by governments and central banks, I've been holding most of my savings in Gold (by now for over 15 years) in the expectation of the unsustainable economic and even social structure finally cracking, and whilst for years I didn't really gain much from it, for the last 3 or 4 years it really too of to insane levels (for example, Gold has had higher returns than Realestate).

    Anyways, all this to say that whilst I agree that a major depression is definitelly going to happen, it has roots going back more than a decade, has been growing for a while and IMHO we can't really use Gold prices as a precise indicator of when shit will trully hit the fan, more of an indicator of how close it's getting so it's a bit premature to say that "it finally begins" just by looking at the recent Gold price increase. Certain my experience of betting on Economic Catastrophe based on the state of broader Economic fundamentals is that, as they say in the trade, "the Market can stay irrational longer than you can stay solvent", so the Economy might very well keep on limping for months or even years before that (on the other hand, the more things are stretched beyond capacity, the worst it gets when things finally break) - I mean, I kinda expected that in 2008 and instead masses of central bank printing just prolonged the ago into a decade of well below historical average growth, wage falls in real terms, several simultaneous market bubbles, explosion in inquality and in some countries even Austerity.

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  • [–] 23 points 9 months ago (4 children)

    Everything seems to be fine. Markets up. No problems in America right now according to the market.

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  • [–] 13 points 9 months ago (3 children)

    The stock market is an excellent way to judge how a country is doing.

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  • [–] 2 points 9 months ago (2 children)

    What about the stock market in an economy that hides its economic data and politically pressures its central bank?

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  • [–] 7 points 9 months ago (1 child)

    There is something that isn't working for me about this scenario. Fascist regimes either come to power because there was a deep recession or they engineer a fake boom after taking power to justify their hard-handed tactics.

    I can't think of a single case where a fascist regime took power and then cratered a stable economy. That's not a rational way to start imposing restrictive laws, since there is only downside to keeping them on. You give up liberty in exchange for poverty? That is hardly a bargain anyone would make.

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  • [–] 12 points 9 months ago

    You are failing to account for how stupid the leadership of this fascist regime is. Trump is not a revolutionary leader. He is more like the third generation of a hereditary regime. Nothing he builds is going to last very long unless someone way better comes along to shore it up.

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