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Dollar doubts continue to grow, threatening the greenback’s perch at the top of the global financial system. Last week, Kenyan President William Samoei Ruto suggested that African nations should shift away from using the dollar in intercontinental trade.
China and Brazil recently finalized a trade deal in their own currencies completely bypassing the dollar, but that’s not the only bad news for the world’s reserve currency. Last week, a Russian official announced that the BRICS nations are working to develop a “new currency,” yet another sign that dollar dominance is waning.
Russia’s gold holdings have topped 1,800 tons. To put that into perspective, between 2000 and 2007, the Russian central bank held just 400 tons of gold. At that point, the country launched an aggressive gold acquisition program. In October of this year alone, the Bank of Russia bought 21.8 tons of gold. At 1,801 tons, the yellow […]
Earlier this month, the US threatened to lock China out of the dollar system if it doesn’t follow UN sanctions on North Korea. Treasury Secretary Steven Mnuchin threatened this economic nuclear option during a conference broadcast on CNBC. If China doesn’t follow these sanctions, we will put additional sanctions on them and prevent them from accessing the […]
