With massive and increasing structural deficits; exploding debt in all sectors; hostile demographics; social and political fracturing and disintegration; grotesque wealth inequality; extraordinary global trade competition; a
complete collapse of respect for vital government organizations such as the Justice Department and FBI, which the people now realize have gone rogue; an extremely complex and corrosive global geopolitical environment; the real prospect of war, potentially nuclear and worldwide; not to mention numerous additional factors, we can
only point to few other times in history more dangerous to the people's financial welfare, and therefore more overall bullish for gold, one of the
only financial sanctuaries proven to work in times of dislocation.
In any event, to sum it all up, I can
only assume this year's Frieze New York was an unmitigated disaster and signifies the
complete collapse of the art market we all knew was coming.