This is setting up to be a great scenario for shorts (knock on wood): equities crash, but the dollar rallies and gold falls. Profits from shorting are taken in dollars, so they don’t mean much unless the paper still has value. Fortunately, deflation is very dollar positive now because so much debt is dollar-denominated.

That means we can take our dollar profits and exchange them for real money at a great rate. That real money will continue to go up in value for years, no matter what happens to our fiat debt money.

Gold is the bridge across the looming gap of currency failure. You don’t know what is on the other side, but it is a good bet that gold will be exchangeable (via a new worthless script?) for things like equities and real estate at great prices.