“A time to build up, a time to break down” as it says in Ecclesiastes and in the Simon and Garfunkle song
The existence of precious metals-backed currencies is another cycle
At this time, there are NO currencies on planet earth that are backed by precious metals (no, the Euro is not backed or even partially backed by gold)
In my book, having NO precious metals-backed currencies on planet Earth represents one extreme of the cycle
The other extreme would be having ALL currencies on planet Earth backed by the precious metals
To reach that extreme, somebody has to introduce the first PM-backed currency – most likely, the country to introduce this PM-backed currency will create the next reserve currency on planet Earth
IMO it will be China that will introduce the first PM-backed currency – other nations will be forced to follow the trend as their citizens move out of their fiat currencies and into a currency that is actually backed by something besides BS and spin
Smart money has been accumulating the precious metals since 2001 – have you?
