Gold Price Report: RECORD DEBTs vs Gold Value Tail Winds

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Last week, we focused on the Federal Reserve’s balance sheet now had ballooned almost 300 billion since the middle of September 2019 when the NY Fed’s REPO Loan program started.

This week, I want to take us all back to hear some more US congressional testimony from Federal Reserve Chairman Jerome Powell yet again speaking to US Congressional Joint Economic Committee.

This hearing occurred roughly ten days ago on Nov. 13, 2019.

In this clip, Powell speaks about the unsustainable debt-driven path the US is currently on. With hard Federal Debt now past 23 trillion, a few trillion more than our annual GDP.

There will be no mention of unfunded liabilities or other much promises we have not saved for such as social security, medicare, pension liabilities, unfunded private debts, or other mandatory unfunded government debts. The total of that is currently estimated anywhere from $100 to over 200 trillion, depending on your estimation source.

Without further ado, here is Chairman Powell.
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TOTAL DEBT is GROWING FASTER THAN THE GLOBAL ECONOMY

The Institute of International Finance updated the world’s new record high hard debt promised pile to now over $255 trillion in fiat Federal Reserve Note terms.

This data does not take into account the unfunded multi-hundreds of trillions in promises not merely the USA but also many other western governments are readying to default on via further currency debasement or structural resets in the coming decades.

A couple quick back of the napkin points for you to consider in terms of these fiat debt piles versus real gold value worldwide.

In 1999, all the physical gold than in the world, about 130,000 tonnes, was worth in total about 1/100th of the then worldwide record debt level.

Today, in 2019, all the physical gold then in the world, about 193,000 tonnes, is worth in total about 1/28th of this new worldwide record debt level.

The trend of further fiat currency devaluations, more nominal debt piles, and gold gaining additional value still against it all are unlikely to revert in the 2020s and even into the 2030s.

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