The World Gold Council released its latest report on January 12, stating that due to the global economic slowdown and the interaction between market risks and the impact of further monetary easing in various countries, gold has been defined as a valuable strategic asset in 2021. Economic assets, although the current global central bank purchases of gold are slowing down, Citi predicts that global central bank demand will rebound in 2021. The biggest market makers behind this are Russia, Turkey, and Poland and other central banks, but the latest news recently surprised investors.
Many central banks also think of gold stored in the United States, Immediately afterwards, according to RT a few weeks ago, the Federal Reserve rejected multiple countries including Germany, Venezuela, and Turkey for unclear intentions to repatriate or review requests for the existence of Fed gold, which triggered many countries to accelerate the hoarding of gold or plan to remove gold from them. New York the process of shipping back.
In fact, the ownership of gold in the Fed’s underground vaults is very clear. Therefore, the Fed will not risk national credit. In addition, if the United States wants to maintain its status as the world’s main reserve of dollars, it will not allow gold to A safe situation occurs.
The Ministry of Finance stated that it is considering abolishing the value-added tax on gold purchases in order to reduce investment in US dollars and switch to gold. Russia has liquidated up to 92%of its US debt to replace gold assets in the past year or so to reduce the risk of currency exposure.
In this regard, Ronan Manley, Singapore’s premier gold trader, said that the gold accumulated in Russia and other countries can be seen as part of the strategy to get rid of the dollar dominance. The amount of gold you own will determine this The size of the right to speak in the game. At the same time, according to the Economic Times of India, India and Russia are also building a new bank settlement system different from SWIFT to simplify trade. Media RT recently stated that Russia may launch a pilot test of digital currency in 2021 to help local companies avoid sanctions.
Next, George Galloway, former Member of Parliament It further stated that both the new Bretton Woods system and the decline in the role of the US dollar financial system, including Russia, India, and Iran Its own financial system can avoid the US dollar. Experts believe that the implementation of the project will help reduce reliance on SWIFT. Then, another country also publicly de-dollarized, which surprised the market.
According to Japan’s Yomiuri Shimbun, citing further analysis by people familiar with the matter, several Japanese banking giants also intend to establish a digital currency committee for the international network of cryptocurrency payments, and can cooperate with Iran’s Many countries within China have achieved de-dollarization in areas such as oil.
So, from this perspective, why does the former US Secretary of State Henry Kissinger would make a statement to the US media a few weeks ago that”if the United States should fall, no one will be better off”. However, the analysis believes that in the context of the continuous escalation of the global de-dollarization process, this explanation is out of date, as Saxo Bank in the latest report As predicted, a new reserve currency may appear in Asia, and these also mean that global de-dollarization will enter a new stage. (End)