He went on to discuss some of the benefits of gold as a monetary asset.Gold will retain its value even when someone cuts off the power to the global financial system, destroying traditional assets based on electronic accounting records. Of course, we do not assume that this will happen. But as the saying goes – forewarned is always insured. And the central bank is required to be prepared for even the most unfavorable circumstances. That is why we see a special place for gold in our foreign exchange management process.”
A World Gold Council survey found that there is deteriorating faith in the US dollar and a continuing trend toward de-dollarization.After all, gold is free from credit risk and cannot be devalued by any country’s economic policy. Besides, it is extremely durable, virtually indestructible.”
Glapiński hinted this was one of the reasons Poland continues to add gold to its reserves.Respondents continue to foresee long-term structural changes in the international monetary system, continuing a trend indicated in last year’s survey. Views toward the US dollar trended downward, with half of respondents saying the greenback will fall below its current proportion. Central banks continue to think that the Chinese renminbi’s proportion will increase, with 88% saying that it will grow beyond current levels.”
Glapiński said the scale and pace of future gold purchases “will depend, inter alia, on the dynamics of changes in official reserve assets and current market conditions.”Gold is characterized by a relatively low correlation with the main asset classes – especially the US dollar dominating the NBP reserve portfolio – which means that including gold in the reserves reduces the financial risk in the process of investing them.”
Just prior to the Tuesday military deconfliction phone call between the US and Russia being revealed, on Tuesday Russian Defense Minister Sergey Shoigu said that US nuclear-capable bombers had drastically ramped up their flights across Eastern Europe, close to Russia's border.Through a series of public statements and posts through its state news services, leaders in Russia on Monday presented the unified case that Ukraine was needlessly deploying its military forces to challenge Russia’s sovereignty and its nearby interests, that rising concern in the West of military action by Moscow represents only an attempt by Kyiv to mask its own intentions to do so, that the Western-backed peace process for the conflict in Ukraine is broken and that Kyiv’s allies in Europe and North America are not prepared to back up their pledges of support.
In just over a month, Germany will close 3 of its newest and best nuclear power plants and more than 4050 MW of electricity will disappear from northern Europe’s power grid. 4050 MW is equivalent to the average electricity consumption of all of Denmark.
It will put supply security further under pressure and them choosing to do so in the middle of winter is pretty crazy.
Not only will the 4050 MW of shut off nuclear power lead to more CO2 emissions, but it will cause much more pollution from the burning of biomass and fossil fuels. Next winter, Germany will close the last 3 nuclear power plants, also 4000 MW.
Anyone who has followed the energy and climate political debate, even superficially, over the last 10-20 years can see that Germany, Denmark and other ‘green crazy countries’ are doing it vigorously AGAINST what logic and science dictates.
We see a slow disaster playing out with The Greens in the lead role as the crazy villain, hell-bent in their eagerness to wipe out life and prosperity.
(PS. Buy warm clothes, food, water and candles, for the coming winter).”