Podcast: On the Objective – Why Is Inflation Still So Low? – Steven Menking – 06.30.2020


Steven returns for another economic update to cover the important scenarios that are unfolding all around us. With all of the money printing that has taken place, why haven’t we yet seen the levels of inflation that many have been predicting for many years? Supply and demand are of course important considerations, and we also need to think about the measurement issues. We have observed significant pockets of inflation, but for a variety of reasons that has not yet spilled over. How should we understand the key dynamics and what can we do to stay adaptive to different economic environments? Thanks for joining us for another economics update!

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On the Objective

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How Gold Reacts To The War On Cash

Gold in India.jpg

Please read the following article before taking a look at my comments on the situation: Gold Price Skyrockets In India After Currency Ban

Here are the most important considerations from the article:

As I write this in the morning of 9th November 2016, there are huge lines forming outside gold shops in India — and gold traded heavily until late into the night yesterday. Depending on who you ask, the retail price of gold has gone up between 15% and 20% within the last 10 hours.

At some places, it was sold for as much as US$ 2,294 per ounce. That is, if you can actually find physical gold — gold inventories at stores are rapidly depleting. All of this happened well before the international price started to move up because of the election results coming out of the US.

Last night (8th November 2016), India’s government banned the use of Rs 500 (~$7.50) and Rs 1,000 ($15) banknotes. This pretty much made most currency-in-use illegal. Banks and ATMs are closed today. The government believes that doing this will help eradicate corruption and push counterfeit money out of circulation. According to the Indian government, the counterfeit money tends to come from Pakistan and helps finance terrorism.

In countries that don’t have world reserve currency status and endless deep pockets to prop up – or shove down – various prices in order to avoid derivatives books blowing up, gold is wildly popular and even priced at all time highs.

Continue reading “How Gold Reacts To The War On Cash”