COMMENT: Marty, it seems like the world is always following you. Now the Wall Street Journal has come out and said that billions of dollars in cash are vanishing. They are always well behind you no matter who I read.
All the best
RH
ANSWER: Yes, it is interesting. There seems to be a 6 month lag I suppose. The WSJ wrote:
“Banks are issuing more notes than ever and yet they seem to be disappearing off the face of the earth. Central banks don’t know where they have gone, or why, and are playing detective, trying to crack the same mystery. The puzzle is especially perplexing since societies and companies are going cashless, given the boom in payments by cards and cellphone apps. The value of U.S. dollars in circulation hit about $1.7 trillion last year… A Federal Reserve economist, Ruth Judson, wrote in a 2017 paper that about 60% of all U.S. currency, and about 75% of $100 bills, had left the country by the end of 2016…”
The Hoarding Dollars Report which was for WEC attendees will be available from January 1st for everyone. There are those in the media who are starting to notice the hoarding, but still remain clueless as to why and the future implications. Others have tried to weave in gold as well. They just do not give up. Gold hoarding has declined in many regions because dealers have to report who are the buyers which defeats the object of hoarding to begin with. Cash has become king, but there are some risks for non-US currency.
