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Economist: Woshti’s nomination is a “malicious crackdown” on gold and silver, but the hawks can no longer return
He believes that decades of low interest rates and monetary expansion policies have changed the structure of wealth distribution, causing the gap between asset holders and those who rely on wage income to keep widening.
When discussing the issue of potential candidates for the Federal Reserve, Thornton took a critical stance on the news that Kevin Warsh was nominated as chairman. He believes that the rapid drop in the prices of gold and silver after the nomination announcement was not simply a market reaction.
“Kevin Warsh will of course be recorded in history—he caused the greatest malicious suppression of the precious metals market,” he said, implying that some major financial institutions may have known the relevant information in advance.
He said: “These gold and silver banks and the large banks in New York were very likely consulted before the market was aware, and they already had access to President Trump’s decision.” Regarding the subsequent price fluctuations, he said bluntly: “I don’t think it’s a coincidence—the timing of all these market activities and the ensuing price suppression.”
Although there are expectations in the market for a return to “hawkish” policies, and some have even likened it to the large rate hikes during the Volcker era, Thornton believes that this scenario is difficult to achieve.