Loading ...Copy that, good points, well said. Re “What were they thinking?” Maybe fear or results of natural market forces taking over from past stupidity. Re your “we should be prepared to expect additional upward pressures on the fiat costs of precious metals and fiat costs of various commodities too.” I agree 100%.
Basically, back in the 1970s they raised rates to 21% to curb inflationary expectations. They lured people to sell any coins stamps etc and bank the money rather than spend it.
Now 40 years later, or since 2008, they are trying to curb deflationary expectations. Low rates to make people take money out of banks to spend, or make them borrow and spend to keep prices up on retail goods, stocks bonds and real estate (money replacements).
My view is economic reality and being practical is returning, and emotion, dreams and fantasy is reversing or failing. Gold and Silver will play a bigger role in the global and domestic economies.