...zu widerlegen, versucht B.Sobolev,und zwar das Verhalten in Deflation.
Er zeigt die damalige Situation Japans in den 90er Jahren:
"....Gold bears tirelessly repeat that deflationary periods are characterized by heightened demand for cash. For the United States, this means a strong US dollar.
Since the USD and gold are inversely correlated, the bears conclude that the gold bull market is over given that we have entered into a severe deflationary period.
This may seem like a strong argument but it does not withstand a more detailed analysis.
Today, most analysts who are bearish on gold believe that the US economy has entered into a deflationary recession similar to the Japanese lost decade of the 1990s. However, during the second half of the 1990s, when Japan was in the midst of a severe deflation, the Japanese yen fell dramatically by almost 50% as seen in the chart below. ...."