In this report, I cover the early market action from London on Friday, May 10th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I cover the subject of the gold standard and some of the arguments people have against it. Many say that there isn't enough gold to have a gold standard and I will actually dispel that notion by looking at some academic work just after World War One.
In the book War and Gold the author, Kwasi Kwarteng, writes about the debate there was in the U.K. about going back to the gold standard after the end of World War One. I go through some of the passages in the book that show why the gold standard is superior to an irredeemable paper currency system controlled by politicians and Central Bankers.
My hope with this report is to partly help the viewers' counter-arguments against the fallacy that the gold standard is a "Barbaric Relic" as J.M. Keynes once said.
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