QTR’s Fringe Finance • 27 implied HN points • 11 Feb 26
- Gold’s rising dollar price reflects the dollar’s debasement and tracks an inverse relationship with economic freedom; as political and fiscal liberty fall, gold tends to rise.
- Since abandoning the gold-exchange standard, expanding welfare-warfare spending and central-bank debt monetization have eroded monetary integrity and long-term purchasing power.
- For investors, gold has often outperformed equities this century and acts as a hedge against unstable fiat money, even though a formal return to a gold standard looks politically unlikely.