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Jan Nieuwenhuijs: Zoltan Pozsar, the four prices of money, and the coming gold bull market

Section: Daily Dispatches

By Jan Nieuwenhuijs
Gainsville Coins, Lutz, Florida
Monday, January 9, 2023

Over the past 100 years there has been a correlation between major equity bear markets, adjustments in one of the four "prices of money," and gold bull markets. If we let history be our guide, the current equity bear market is signaling a new gold bull market, supported by changes in the price of money.

One of the more intriguing financial analysts of our times is Zoltan Pozsar, managing director and global head of short-term interest rate strategy at Credit Suisse. In his writings in the past months, one of the things that caught my attention was his framework for multiple prices of money. 

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Remarkably, when I looked up big historical changes in the price of the U.S. dollar, they usually succeeded equity bear markets and introduced gold bull markets. 

Because equities are in a bear market as we speak, we can expect a gold bull market in the years ahead, enabled by the Federal Reserve changing the price of money.

First let's see how changes in the price of the dollar have caused gold bull markets in the past 100 years. Then we will add the stock market. ...

... For the remainder of the analysis:

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