Official mischief afoot in London | CMI Gold & Silver
Monday, May 29th, 2023 MST

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Official mischief afoot in London

“I fear this means there is mischief afoot,” Sherlock Homes would say to his associate, Doctor Watson. And, off they would go to bring criminals to justice. Where is Sherlock when we really need him?

The Group of 20 (G20 in today’s parlance) is meeting in London to seek solutions to problems with the world’s financial system. Because the attendees are acting under the government umbrellas, anything the do will be “official.” Therefore, I suspect official mischief is afoot in London. Additionally, anything the Group proposes will receive wide publicity.

Undoubtedly, some choice programs will be proposed to “address the world’s financial and economic problems.” Insomuch as there has been talk of a “new world currency,” or a “single currency,” ideas coming from the meeting should be of interest to all gold/silver investors.

It is likely that the dollar will officially be reduced in standing in the world’s monetary system. However, the dollar will remain a major part of the system simply because it is the world’s most widely used currency. Further, the U.S. economy remains one of the world’s largest, and that cannot be dismissed. Still, the dollar remains on a slippery slope to a reduced standing in the world’s monetary system. The value of the dollar relative to other currencies, and gold and silver, can be expected to continue to fall.

Of specific concern to gold and silver investors will be the advancement of the idea of selling IMF gold to fund IMF programs. I’ve posted an article titled Will G20 actions exacerbate problems? in CMIGS’ article section. The article notes that gold investors faced IMF sales in the 1970s and gold afterwards climbed to $850, a high that stood for twenty-eight years. IMF sales are not to be feared, although announcements of IMF sales may cause some downside movement in the price of gold.

I also suspect that other actions as a result of the London G20 meeting will make things worse economically. See the article for my reasoning.

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