This is the situation the US faces, as it has passed the point of no return, its debts and obligations are so huge they simply cannot be met, even at the current ridiculously low rates of interest. Thus we are likely to see unprecedented volatility in markets, and while the PM sector now looks likely to be taken down with the rest of the market due to forced liquidation leading to indiscriminate dumping, it is likely to come roaring back later as the hyperinflation approaches, particularly in the US. The same blind panic and flight to cash may well cause the dollar and Treasuries to continue even higher temporarily, although with the fundamentals for the dollar and the US economy that much worse than in 2008, a savage reversal and bear market is likely to follow immediately the dust starts to settle.
By Clive Maund
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