World War III Kabuki Theater Brings Gold Briefly to $3,000

Where do people pile their dollars in the End Game? We got a sneak preview this week, twice, as Iran and Israel both pretended to start World War III with mutual pretend bombing raids on each other telegraphed days in advance to the entire solar system. Despite the obvious theater of it all, gold spiked to $3,000 on Saturday night on nerves as 300 missiles made their way to Israel at a drunken snail's pace. At the very same moment, bitcoin dumped by 10%. So there's that.

Meanwhile, UBS – the bank that took over Credit Suisse last year – needs a $25B bailout but they're not calling it that because it's a bad word. And in another lesson from the 1970s, the gold to silver ratio was stable from 1972 until we finally got to 1979, which Rafi thinks we are just about to repeat.

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Arcadia Economics

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