What Will CBDCs Mean for Gold? By SchiffGold

If CBDCs are instituted, there will be black markets, and gold and silver will the money of choice. From SchiffGold at schiffgold.com:

With the eventual introduction of central bank digital currency (CBDCs) now seemingly inevitable, there are a lot of directions central banks could take with their digital currency projects that would have dramatic implications for the price of gold.

Touted for their “convenience” and “efficiency,” the endgame of digital currencies is not only achieving greater power over the currency but also a means of surveilling and micromanaging the personal finances of each individual. Owe taxes or a parking ticket? It could be automatically deducted. Does the Fed think it needs to cool inflation? Deduct money straight from people’s accounts, or impose a daily spending limit. The possibilities for control and profit are endless, and too tempting for control freak bureaucracies and amoral tech companies to ignore.

As countries like China implement their own CBDCs, buy more precious metals, and generally buck dependence on the US dollar for trade, Western central banks also feel like they have to compete in order to retain their power. That’s the essence of the other motivation for CBDCs — a currency race between East and West wherein the winner solidifies not only unprecedented control over its own citizenry but a place atop the global power structure for the next century or longer.

Since CBDCs and the idea of a “cashless society” are mostly about increasing centralization and control on the societal and individual level, it’s easy to see how they might be accompanied by new legislation banning precious metals investing and other non-state-approved financial activities. All they need is a severe enough financial crisis to provide the justification. After all, during the Great Depression, the federal government swiftly used an Executive Order to demand that citizens submit their gold to the Federal Reserve en masse.

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