Gold prices are steady in early U.S. trading Monday after Friday’s futures sell-off of another $1.9 billion of make believe gold. As prices hover near a 5 year low, demand for physical gold and silver remains heavy. As reported last week, the U.S. Mint sold out of 2015 U.S. Silver Eagle 1 oz. coins.
Shareholders of the International Monetary Fund will be voting today on whether or not to include the Chinese yuan in its drawing rights currency basket competing with the dollar.
China made it clear in 2014 that its goal was to displace the U.S. dollar as the currency of choice and Washington continues to lobby against the yuan becoming part of the worlds elite currencies. China’s trump card is its physical gold holdings, Washington’s is its debt.
Fitch credit ratings agency is predicting the IMF board will open the door for the yuan but does not expect the move to lead to a material shift in demand for yuan assets globally in the short term.
It’s over for the dollar folks and the only question is when and what will it take to make it happen.
Meanwhile, all is well in U.S. stock markets as nations appear to be heading for war and Washington promises billions of U.S. taxpayer dollars that will end up supporting ISIS and Syrian terrorists.
It’s time to protect a portion of our assets with real insurance. Give us a call to begin the process at 1-800-577-3195.
Gold Goliath is not your typical gold dealer.