US M1 money supply is up a staggering 70% year-on-year
|The US M1 money supply, which includes physical currency and coin, demand deposits, travelers' checks, other checkable deposits, and negotiable order of withdrawal (NOW) accounts, has risen by a staggering 70% over the past 12 months, according to data tweeted by Jeroen Blokland, Portfolio Manager for the Robeco Multi-Asset funds.
The Federal Reserve has injected massive liquidity into the economy to counter the coronavirus-induced economic slowdown.
The massive liquidity injections have strengthened gold's long-term bull case. The scarce asset rose to a record high of $2,075 in August and was last seen changing hands near $1,847 per ounce.
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