MoneyWeek/Dominic Frisby/8-17-2022

“Inflation in the UK has just hit 10.1%, says the Office for National Statistics. That is five times the Bank of England’s stated target of 2%. FIVE TIMES! Sorry to shout. The joy of the public sector is that you can be this bad at your job and still keep it.”

USAGOLD note: A quick look down the roster of nations shows that most, including the United States, are nursing lending rates far below the inflation rate. Only China and, surprisingly, Brazil have their base lending rate above the inflation rate. Frisby’s conclusion? “The most obvious asset to own in all of this is gold.”

Table courtesy of TradingEconomics.com