The WSJ has accurately observed that investors are `bugging out of gold` but if backwardation is and remains in effect then this situation has changed. However, eventually the last currency to evaporate will be the United States Dollar through its continued hyperinflation. This will happen when negative real rates of return are painful enough that holders of capital decide to own gold instead of dollars. The gold for present delivery will carry such a premium over gold for future delivery that it will be in a permanent state of backwardation because the dollar and all its babies, the other fiat currencies, are headed to join their ancestors in the fiat currency graveyard.

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