Tony C.
1239
Thanks Art...
Dec 23, 2014,13:58 PM
The dollar is widely considered to be the "cleanest dirty shirt" in the FX market, and is also reflexively considered a "safe haven" by many. This, in spite of the fact that it has been, and continues to be badly debased.
We are in the midst of an epic period of change, however, as the "exorbitant privilege" of it being the reserve currency/petrodollar is rapidly coming to an end.
The DOW hit a new a high again today, but don't forget that Zimbabwe's stock market was also at all-time highs just prior to its hyperinflationary event.
There is so much fraud and deception occurring in today's world that the most serious effects of the disastrous economic policies that have been in place since the 2008 crisis have yet to be felt. It is a mathematical certainty that the house of cards will come crashing down, and the only question is when? I expect it to unfold in earnest in 2015, though it is possible that the balls will remain in the air a bit longer. I believe that it will be a storm unlike any that any of us have experienced.
As to vintage watches, I do agree that there will always be demand for them, but remain convinced that the bifurcation I have alluded to will continue through, and for some time after the next crisis. There are likely to be enough wealthy people to somewhat support the top-end of the market, but I'm afraid that the middle market will remain soft for quite a while.
I'm certainly not happy about it, for many reasons, not least of which is that most of the watches that I own fall into that category!
All the best for the holidays and the new year!
Tony