Dollar at Risk of a Hyperinflationary Collapse

Gold last traded at $1,731 an ounce. Silver at $17.99 an ounce.

NEWS SUMMARY: Precious metal prices steadied Wednesday on dollar weakness ahead of Fedspeak. U.S. stocks fell as investors await news on further stimulus from the central bank.

 -CORSI Nation--- "The ultimate fate of the current U.S. dollar is now at serious risk of a hyperinflationary collapse, with the COVID-19 pandemic crisis providing the trigger. This warning is being sounded by economist John Williams, the creator of the widely followed website ShadowStats.com. 'Decades of gross financial mismanagement by the federal government, gross monetary system mismanagement by the Federal Reserve, and conflicted, albeit related joint government and Fed mismanagement of the economy and banking system are being laid bare, exposed by the COVID-19 pandemic shutdown of the U.S. economy and related societal turmoil,' Williams wrote in his subscription newsletter published on June 4, 2020. As a traditional economist, Williams worries that the recent multi-trillion dollars spent in various federal stimulus programs amounts to a simple formula for inflation: namely, too much money thrown at too few goods tends to trigger rising prices. Williams notes Consumer Price Index (CPI) inflation in the United States from 1970, the last year of the gold-backed U.S. dollar, to date has been 561 percent. At the same time, the increase in the U.S. dollar price of gold from 1970 to date has been 4,314 percent....'When a currency is debased, precious metals function as stores of wealth,' Williams warns. 'Over the millennia, gold and silver have served investors - those holding the physical precious metals - with a stable, liquid and portable store of wealth against inflation or monetary turmoil, as well as often providing a vehicle for financial and personal survival in times of political and social upheaval.'....Williams concluded his analysis commenting that gold and silver prices remain the 'canary in the coal mine' of hyperinflation,' especially in the economics of the current COVID19 pandemic, when Congress contemplating multi-trillion dollar 'economic stimulus' laws seems strangely business as normal."