The price of gold is soaring, probably due to lack of global confidence in this fascist administration

[LymphocyteLover]

https://paulkrugman.substack.com/p/ingots-we-trust

A few weeks ago, however, Ken Griffin pronounced that he was shocked, shocked to discover that Trump isn’t a champion of free enterprise after all, and that he’s actually building a system of crony capitalism in which business success depends on your political connections. Well, I could have told Griffin that this was coming. In fact, I did.

Still, better late than never. Griffin deserves some credit for being willing to speak publicly about his current misgivings over Trump, rather than joining the nauseating chorus of praise for Dear Leader. So I found it interesting that he sees the soaring price of gold as an economic warning sign, an indication that Trump is causing the world to lose faith in America.

Here’s the price of gold over the past year. The price of gold is currently $4,037 per troy ounce, a record-setting price as it has skyrocketed in the past two months. It has risen over 54% since mid-November 2024:

[._.]

1. Up And Away!

So is the price of silver. It's hovering just under fifty per oz this morning. I bought a bunch when it was at thirty four, so I'm happy!

[EYESORE 9001]

2. Lot of misery wrapped up in that price rise

Enjoy

[Gimpyknee]

4. Ridiculous. The same can be said about anyone with a 401k plan or who buys stocks.

[EYESORE 9001]

11. That's betting on an improving economy

(short-sellers aside). Celebrating an economic crisis that drives up the price of gold and silver is quite another. Please, don’t let me harsh your mellow.

[sop]

3. All that gold in the Oval Office increased demand and drove up the price.

[Buns_of_Fire]

7. Futures in Metallic Gold Rust-Oleum Spray Paint are up, too! nt

[hunter]

5. Using gold as a representation of "wealth" is unethical.

The environmental and social costs are too high.

For example:

Illegal gold mining clears 140,000 hectares of Peruvian Amazon

An illegal gold rush has cleared 140,000 hectares of rainforest in the Peruvian Amazon and is accelerating as foreign, armed groups move into the region to profit from record gold prices, according to a report.

About 540 square miles of land have been cleared for mining in the South American country since 1984, and the environmental destruction is spreading rapidly across the country, Monitoring of the Andean Amazon Project (MAAP) and its Peruvian partner organisation, Conservación Amazónica, found.

The gold rush is also poisoning its waterways. Illegal miners use dredges – floating machines that chew up and spit out riverbeds – leaving the toxic mercury used to extract gold from sediment in their wake.

-- more --

https://www.theguardian.com/environment/2025/oct/08/gold-mining-deforestation-peru-amazon

Gold has practical and ethical uses, but money isn't one of them.

[Submariner]

6. the Gold Rush TV series will feed on the greed

probably new inexperienced prospectors from the lower 48 will setup for mining in Alaska/Yukon, and lose all their investments and money borrowed from family and friends.

[surfered]

8. A sign of the coming apocalypse as nihilist are in charge of America and the dollar

[rubbersole]

9. Thank Dog tsf and Elon went to Ft Knox to check on our gold supply.

Oh, wait...

[OldBaldy1701E]

10. Eh... rich people problems. (n/t)