PMs on the moveMy Comment: The chickens are coming home to roost. Watch China as its economy sinks and watch the US budget battle as the debt limit set to be breached Oct 1 with a possible government shutdown (no way, just spend more).
Gold is the real de-dollarization play – Nassim Taleb | Kitco News Excerpts:
Geopolitical and financial analyst Angelo Giuliano posted the same chart as Gromen, saying, “De-dollarization is happening.”
“Instead of buying US debt, countries are buying GOLD,” he added. “The US dollar Ponzi scheme is collapsing...the US exorbitant privilege to print endless amount of paper toilet currency is over. Gold hit an all-time high today [Sept. 12]. +30% yearly performance. Only the beginning.”
And touching on Taleb’s point that transactions are labeled in USD, author Richard Turrin noted that the “dollar's high percentage in trade settlements is increasingly meaningless,” as “1) Gold holdings show reserve storage, and 2) Migration of trade to alternate currencies isn't captured on SWIFT statistics.”
“The US will tout the USD's high percentage use in trade all the way to the bottom,” Turrin said.