$BTC The mistake most traders make 😱
After the 1971 Nixon shock, which changed the course of the global economy, market makers concluded the petrodollar agreement in 1974. They replaced gold backing with oil backing, and under the agreement, oil-exporting countries were compelled to sell oil in dollars, recycle the proceeds on Wall Street, and buy bonds and shares in American companies.
Gold then began rising wildly after being freed from the dollar. After several crises and wars in the Middle East, it rose from $35 in 1971 to $840 in 1980.
But in 1979, after instigating the Iranian Revolution, while people were rushing to buy gold as a hedge at the highest prices, market makers were selling the gold they had bought for $35 🤣. And they were buying shares in major companies, which had lost 60% to 90% of their value.
They were poised to rise wildly because they knew the war was about to end.
They left people stranded after they had bought gold at $820 🤣🤣🤣
And since then, gold has been falling until 2001 👇👇 Look at the gold chart and have a little laugh.... If you liked the post, don't forget to engage and show your support so I can post part two, covering the 2008 economic crisis.
$ONE
$AIN
#JobsReportRaisesHikeOdds #WillUS-IranTensionsBoostSafe-HavenDemand? #CPITestsDecemberRateOutlook
After the 1971 Nixon shock, which changed the course of the global economy, market makers concluded the petrodollar agreement in 1974. They replaced gold backing with oil backing, and under the agreement, oil-exporting countries were compelled to sell oil in dollars, recycle the proceeds on Wall Street, and buy bonds and shares in American companies.
Gold then began rising wildly after being freed from the dollar. After several crises and wars in the Middle East, it rose from $35 in 1971 to $840 in 1980.
But in 1979, after instigating the Iranian Revolution, while people were rushing to buy gold as a hedge at the highest prices, market makers were selling the gold they had bought for $35 🤣. And they were buying shares in major companies, which had lost 60% to 90% of their value.
They were poised to rise wildly because they knew the war was about to end.
They left people stranded after they had bought gold at $820 🤣🤣🤣
And since then, gold has been falling until 2001 👇👇 Look at the gold chart and have a little laugh.... If you liked the post, don't forget to engage and show your support so I can post part two, covering the 2008 economic crisis.
$ONE
$AIN
#JobsReportRaisesHikeOdds #WillUS-IranTensionsBoostSafe-HavenDemand? #CPITestsDecemberRateOutlook
