Un poco de macroeconomía de la mano de Nolan Watson, CEO de Sandstorm, en su ultima conferencia trimestral:
"The third category of questions, which relate to the macroeconomic backdrop and expectations for gold price, is a topic that I could talk about for hours. I'm incredibly passionate about it, but I'll try to be concise. Basically, I'm very bullish on gold for the next few years. I've been saying for quite some time that the world has way too much debt relative to GDP, and that it would necessitate the printing of money to devalue currencies and inflate GDP to make the existing debt levels more manageable to pay off. Well, COVID-19 has definitely caused those world debt problems to hit home. And now, record amounts of quantitative easing and currency devaluation are taking place. You can see from this chart the expansion of the Fed's balance sheet. And if you look back at the expansion of the Fed's balance sheet in 2008 from the Great Recession, under what the Fed called QE1, during QE1, the Fed increased its balance sheet, i.e., effectively printed new money to the tune of $1 trillion, which was unprecedented at that time. Then, a few years later, it completed QE2, which is another $1.5 trillion, and QE2 took approximately one year to complete.
Well, now in 2020, the Fed has launched QE Infinity, and have created new money equaling QE1 and QE2 combined, and they have pushed all of that money into the economy in its entirety, all in seven weeks. This is completely and entirely unprecedented in the history of the world. And normally, quantitative easing like this helps increase GDP and reduce debt to GDP levels. But this time is truly different. Governments around the world are borrowing more money at record rates to keep their economies alive. Companies are borrowing record amounts to keep themselves alive, and individuals are borrowing record amounts just to pay the bills. You can see on this next Slide 6 the debt to GDP is not going down. Rather, it's at record highs and it's still climbing fast. In the U.S., total debt to GDP levels are expected to hit 300% later this year, which is entirely unsustainable.
I'm sitting here in Canada, which is even worse, with total debt to GDP levels expected to approach 350%, which is effectively functional insolvency. The amount of money printing and currency devaluation that will be required to pull us out of this mess will be substantial. And I believe that real assets like gold will be propelled to record highs and stay there for quite a while, especially because the thing that normally kills a bull market in gold is rising interest rates. But when debt to GDP levels are over 300% in a country, you can't raise interest rates without destroying the economy. Gold is in a massive bull market."
