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In this report, I cover the early market action from London on Wednesday, August 21st, 2019. I look briefly at the precious metals, the stock market, the Federal Reserve Note (aka dollar), the bond market and the price of WTI and Brent crude oil.

Today I look at the true definition of the dollar as per the U.S. Constitution by looking at an 1899 five-dollar gold coin and its evolution versus the Federal Reserve Note. I show how the value of the five-dollar coin in gold has remained constant in gold but has actually fluctuated in terms of Federal Reserve Notes.

The viewers will see that through the last 120 years one has needed more and more Federal Reserve Notes to acquire five gold dollars. What this has meant is that confidence in the U.S. Central Bank continues to deteriorate as it continues to over issue its notes with abandon.

My conclusion is that the Federal Reserve will continue to create its notes out of thin air at a much faster pace than gold and silver can be dug out of the ground so I expect the holders of what is nowadays called dollar bills but are actually just Federal Reserve Notes will continue to lose the purchasing power of their savings.

"A Constitutional Dollar": https://mises.org/library/constitutional-dollar

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