In this report, I cover the early market action from London on Thursday, August 15th, 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 is the 48th anniversary of when President Richard Nixon closed the gold window so I will look at John Exter. Even though John Exter was a Central Banker his writings helped me learn about the monetary system and the importance of precious metals. Exter was actually a rare species as he was a Central Banker and a Gold Bug.
The Exter Inverted Pyramid is one of his legacies and I will cover this subject today. He also wrote about how fiat currency or the system we have had since Nixon suspended the convertibility of the dollar into gold on August 15th, 1971 is nothing but "I Owe You Nothings" as they are not backed by commodity money like gold and silver.
My conclusion today is that the current condition of the monetary system and financial markets could be pointing to Exter's theory that in a deflationary asset collapse all value would flow down to the bottom of the pyramid which has gold at its tip.
Articles from John Exter: https://www.aier.org/staff/john-exter
John Exter: https://en.wikipedia.org/wiki/John_Exter
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