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Alasdair Macleod: Prospects for the U.K. and the pound
By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, December 10, 2020
This article assesses the likelihood of the pound following the dollar into monetary hyperinflation. Between March and September, the U.S. government financed twice as much of its spending by bond sales -- mostly through inflationary quantitative easing -- compared with tax revenues. And there is much more monetary inflation to come.
A hyperinflating dollar is now the international backdrop for all currencies, including sterling.
... Dispatch continues below ...
VanGold Has Cleared the Pinguico Shaft to Adit Level 7
at El Pinguico Silver and Gold Project in Mexico
Company Announcement
Tuesday, December 8, 2020
VANCOUVER, British Columbia, Canada -- VanGold Mining Corp. announces that it has completed clearing the Pinguico shaft to adit Level 7 at its El Pinguico silver and gold project, located 7 kilometers south of Guanajuato, Mexico.
The company has cleared fallen rocks and debris to adit Level 7 to access this area of the El Pinguico mine. This shaft was one of three exterior shafts that were used historically at the mine prior to production, which ended in 1913.
VanGold Director Hernan Dorado Smith said: "The importance of having access to Level 7 from the Pinguico shaft cannot be overstated. This is the first time in decades that this area of the mine -- the highest-grade mine in the Guanajuato region when it was in production -- has been accessible for exploration and development. We are very excited about sampling the bottom of the underground stockpile to improve and verify our understanding of the overall grade of that material. We are equally excited to sample the remaining vein material left in support pillars at this location (including areas of the Colmillo Stope) when mining ceased in 1913." ...
... For the remainder of the announcement:
https://vangoldmining.com/news/newshome/56-2020-news/605-anoldasuccessfu...
To date the UK's budgetary arithmetic is less alarming than that of the U.S. In theory the UK government has a workable plan -- to turn the UK into a global entrepot. However, if, as is becoming increasingly likely, the dollar falls heavily on the foreign exchanges in the coming months, dollar interest rates will rise, and so will those for sterling -- catastrophic for government finances and the future of debt-laden zombies.
Further, with counterparty exposure to insolvent eurozone banks and escalating covid-related insolvencies, British banks are not strong enough to withstand the general credit contraction that a rise in dollar rates would trigger.
As a matter of utmost urgency, the U.K. Treasury should rebuild the nation's gold reserves, secretly if necessary, so that the government can stabilize the pound by backing it with gold at the appropriate time.
There is then a way out of this mess, but will the U.K. government take it? ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/goldmoney-insights/prospects-for-the-...
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