Well, By Gum China and Russia may have lots of gold and Russian has lots of oil but the United States has the finest & fastest currency printing presses in the world and Joe Biden in charge of the pressroom.
So There
So basically we’re screwed.
Something significant is left out of this piece.
US gold holdings. There is substantial reason to consider that the actual amount of US gold reserves is much less than claimed. If the dollar crashes and that is proven to be the case, we are in the soup.
Methinks we’re up Biden Creek...
Be back bump
Maybe..but as to stockpiles it is IMHO there is more physical gold then silver now...
Increased Demand
Silver differs from gold in several important ways. Most notably is that unlike gold, silver gets used up and is then gone forever. Almost all of the gold ever mined in mankind's history is still here. We don't really use gold for anything other than money or as a store of wealth and for decoration like jewelry. Silver gets used in all kinds of industries. It's natural antibiotic properties make it a wonderful instrument in the medical field. It is used in military applications; it's used in all kinds of electrical switches, relays, and batteries. It's used in water purification systems and paints, and as a primary component in the photographic industry. Silver doesn't corrode and has excellent thermal conductive properties. Silver, like gold, has also been used, [and continues to be used] as a monetary instrument for centuries. Moreover, as India and China continue their unparalleled advance into joining the ranks of the industrialized world, the situation will be further exacerbated.
Do your own DD
“Russia has over 2,300 tonnes—or nearly 74 million troy ounces—of gold, one of the largest stashes in the world.”
That may sound like a lot but at today’s prices that’s only about 150 billion dollars. A drop in the bucket in today’s economies. The US GDP alone is about $20 Trillions!
And......what happens next?
“Here’s What Happens Next”
—
When you see that phrase you can always be certain it’s a come-on by somebody trying to sell you something or other. It’s become such a cliche I never need to read any further - it’s an ad, like “Wait! There’s more!!!.....”.
Senile Joes historic sanctions, weaponizing the USD, put the nails in our economic coffin. Question is was it one of his normal brain dead blunders? …
Or designed?
The price ie value of gold has barely changed in 20 years.
The article is emotional nonsense. The dollar will slowly not be the only backup currency, but its not falling jor going to fall soon.
This is a thought-provoking column, but I do want to point out that this website “belongs” to Doug Casey, and hawks a $200 subscription to an electronic magazine Casey has put together with ol’thorn-in-Reagan’s-side David Stockman ( https://internationalman.com/dollar-collapse-contrarian-insiders/ ). It’s somewhat shameful that in promoting the subscription, Stockman tries to exploit his connection to Reagan. Stockman wrote a book entitled “The Triumph of Politics: Why the Reagan Revolution Failed.” The posted column is essentially a warrant for, intro to, and conduit to Casey and Stockman’s work. ...Still, parts of this column’s thesis are cogent, and my attack is far from perfect (not to mention...I’m generally a fan of this Freeper’s posts).
p
“It’s possible to have more than one reserve currency.”
Powell was stating fact and all the brainless idiots who are clueless like this author don’t even understand there have been multiple “reserve currencies” for several decades.
They are: The U.S. dollar, Euro, Japanese yen, British pound sterling, Chinese renminbi
Other currencies that the IMF tracks as reserve currencies include the Australian dollar, Canadian dollar, and Swiss franc.
i dont know what to think but it reminds me of my brother once telling me that “when the fit hits the shan, it’s simply gold that will matter—this stuff is just paper.
i replied that a pack of matches is worth more then several kilograms of gold if you lost in the forest!
The dream of our enemies in ending the Dollar as a reserve currency was slowly coming true even without the US pouring gasoline on it with the so-called Ukraine sanctions. Now its end-game will be hear in a few years, rather than a few decades.
More STICKING IT TO RUSSIA, I guess.
And what about the problem of counterfeit gold? I believe China is the biggest source of counterfeit gold but that is conjecture.
Apparently the bad guys take a tungsten slug and coat it with real gold. (Tungsten being close in weight to gold.) Telling real gold from counterfeit is very difficult, I hear.
So before you sink a fortune into bullion coins, demand verification.
But, two encouraging signs that the US Dollar is NOT near imminent collapse:
(1) The US Dollar is currently priced at 103.06 against a basket of foreign currencies.
103.6 is a twenty year HIGH.
(2) In spite of inflation and Federal Reserve policy, US Treasury and corporate interest rates remain low by historical standards.
Points to consider: All currencies are essentially fiat money now, with values of currencies far, far in excess of any reserves of gold. So why are so many legendary investors advising and selling gold, rather than hoarding it and telling no one? Because they are seeking dollars, not gold.
There is not enough gold in the world to equate on a one-to-one value for any representative currency, and few governments sell their "reserves" of gold on the open market. Selling gold is a generally private market transaction AND the sales exchanges gold for currency. One prepping should be buying gold, not selling it. So who's selling? Advising buying, with their advice being sold for a bundle of inflating currency? Traders. Advisors, with lots of warning signs. All looking for currency.
As to dollar hegemony, I remain unimpressed. I worked in many countries and was paid in various currencies before (and after) the Euro "bundled" so many European currencies into one. I've been paid in yen, shekels, pounds, Deutschmarks and more. And had to exchange based on then-current rates. Things go up and they go down. Vacillating prices for gold and other commodities show this. Buy what you need / want, and then save in whatever manner you wish. The "system" will devour those who wager, accrue debt and more. But something you can feel and touch is yours. Some out-of-the-country gold storage will never be yours to defend when push comes to shove. And no "fund" promising to be "backed by gold" cannot collapse. Own property. Have liquidity. Have commodities where you can put your hands on them. Don't buy advice from "legendary" small potatoes. They don't want gold. They want your CURRENCY.
Amd they say they are "contrarian." Meh.
Step #6 China rolls up the US supply chain and we are hors de combat, our pacific allies are on their own, Japan declares itself a nuclear state, and we spend a decade getting our heads out of our butts punishing the innocent, then lynching the guilty and then 30 years trying to rebuild our economy, if we have the political fortitude to stop China from repossessing a bankrupt US.