Turkey, ‘Axis of Gold’ and the End of US Dollar Hegemony

 

Introduction

With a ‘Hard Brexit’ looking more likely and Trump’s inauguration this week, 2017 is well and truly under way.

What we expect the year to hold is probably not even half of what it really will. But from what we know, the upcoming French and German elections, referendums, geopolitical crises, steps towards reverse globalisation and a third of global government debt yielding negative interest rates, governments are already prompting central banks and investors to turn to the one asset that has survived millennia of financial and monetary crises.

One that is highly liquid and convertible into other currencies – gold. Continue reading

China Is Preparing To Shock The World

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After another wild week of trading in global markets, today one of the top money managers in the world told King World News that China is preparing to shock the world.

Stephen Leeb:  “Someone from the IMF just said that the chances are 99 percent that China will get approved for reserve currency status.  If they do (get approved), how long before China says, ‘Now that we are approved as a reserve currency, now that the world can trade with the yuan, we want to put a little more backbone in our currency, how about backing part of our currency with gold?’  That is definitely going to happen, Eric… Continue reading

Gold Repatriation From Federal Reserve Would Shatter US Economic Hegemony

Repatriation of foreign gold reserves from the Federal Reserve would undermine the geopolitical role of the US economy in the world.

The largest gold reserve stored by the Fed belongs to Germany, at 674 tons. On the whole, the country holds nearly 3,500 tons of gold. However, both sides were content with the situation: the US received money for storage, and Germany knew its reserves were finely protected. Continue reading

US Financial Analyst Predicts Inevitable Collapse of US Economy

The fact that Russia bought another 30 tons of gold earlier this week, bringing its total gold reserves to 1,238 metric tons should make the United States worried, said Todd Wood, the author of the book “Currency” and a contributing writer at the Washington Times.

Russia is now the fifth-largest holder of gold reserves, according to the IMF. Moscow is increasing its gold reserves to strengthen the value of its own currency, the ruble. The smart move, Wood argues, adding that Russia is “preparing for the day when the tables will turn” and the world will see the decline of the Western economic power. Continue reading

China may be ending dollar’s hold on reserve currency as early as September

On March 9, sources within China provided new information that validates that the Far Eastern economy is now ready to compete with, or even supplant, the dollar as the sole global reserve currency as early as September of this year. Having already completed a message interchange system that mirrors the same one in the West, the Chinese equivalent of SWIFT is now ready and is expected to be fully operational by the 3rd quarter of 2015, which will allow other nations to transact with the world’s largest economy without the need to purchase dollars as a medium of exchange.

Continue reading

Europe to Seize Greece’s Gold

According to the fine print of a treaty signed on February 21, the European Union now has the power to seize Greece’s gold reserves. The modifications the EU is forcing into the Greek constitution vest Greece’s creditors, mainly European banks and the European Central Bank, with the authority to take gold from the Bank of Greece.

“This is the first time ever that a European and probably an O.E.C.D. state abdicates its rights of immunity over all its assets to its lenders,” said Greek Member of Parliament Louka Katseli, who drew attention to the potential gold seizure.

Full article: Europe to Seize Greece’s Gold (The Trumpet)