The US Reserve Currency & Commodities

July 24, 2023

Why are central banks buying gold and dumping dollars?

By Goehring & Rozencwajg

Incredibly, by 2016 commodity prices had sold off to such an extent that they were the most radically undervalued in 120 years. The only times that came close were in 1929, 1969, and 1999. Following every prior period of radical undervaluation, commodity and natural-resource related investments dramatically outperformed, both in absolute and relative terms. This cycle, we argued, should be no different.

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The US Reserve Currency & Commodities

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