Silver is accelerating its move higher as it plays catch-up with gold due to INCREASED trade uncertainty, Brexit and global growth worries, factors that are all pushing precious metals higher, according to analysts.
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Lees verder op KitcoFrom the 1960s, there was a widespread concern of the sustainability of the Bretton Woods system of using national currencies as reserve assets. This was most closely associated with the Triffin dilemma, witch predicted a loss of confidence in the gold value of the US dollar as the value of liquid claims on the United States in the form of dollar foreign exchange reserves INCREASED. Triffin argued for the need to choose the rate of global reserve growth collectively rather than allow it to be a by-product of national decisions.
The SDR substitution account allowed Central Banks to diversify there existing dollar reserves in a one-time conversion away from the dollar into IMF’s SDR, comprised of the US dollar, European euro, Japanese yen and Britisch pound, in an off-market transaction, so as not to depress the dollar’s exchange rate. This was the core idea of the SDR substitution account. By public introduction careful terminology avoided the label of reserve asset and suggested that the SDR was designed to add to rather than replace existing (dollar) reserves.
Lees verder op Beurs.comBack in March, at a time when the IMF reported that Ukraine's official gold holdings as of the end of February, so just as the State Department-facilitated coup against former president Victor Yanukovich was concluding, amounted to 42.3 tonnes or 8% of reserves...
Back in March, at a time when the IMF reported that Ukraine's official gold holdings as of the end of February, so just as the State Department-facilitated coup against former president Victor Yanukovich was concluding, amounted to 42.3 tonnes or 8% of reserves...
... and notably under the previous "hated" president, Ukraine gold's reserves had constantly INCREASED hitting a record high just before the presidential coup...
... we reported of a strange incident that took place just after the Ukraine presidential coup, namely that according to at least one source, "in a mysterious operation under the cover of night, Ukraine's gold reserves were promptly loaded onboard an unmarked plane, which subsequently took the gold to the US." To wit:
Lees verder op zerohedge.comIn October the first roadshow for the internationalisation of the Renminbi started during a OMFIF-seminar on the ‘Renminbi-isation’ of the Chinese currency. I attended this meeting and would like to share the minutes of this important seminar;
In October the first roadshow for the internationalisation of the Renminbi started during a OMFIF-seminar on the ‘Renminbi-isation’ of the Chinese currency. I attended this meeting and would like to share the minutes of this important seminar;
As Chinese trade and investment grow, so does demand for the renminbi. China is seeking to ‘normalise’ its currency, working towards convertibility, INCREASED use in global trade invoicing and settlement, and eventually international reserve currency status.
The internationalisation of the currency is planned in three phases, said Tu Yonghong, director of the International Monetary Institute at Renmin University. First, it will be used for international trade through China’s onshore hubs; then it will be used across Asia; and finally it will become a global currency.
Standard Chartered, which monitors seven offshore centres including Singapore and Hong Kong, estimates that global use of renminbi has already INCREASED 20-fold since 2010.
Lees verder op The BIG RESETDespite the reassuring narrative from The West that Russia faces "costs" and is increasingly "isolated" due to sanctions for its actions in Ukraine, the most recent data suggests reality is quite different. First, capital outflows slowed dramatically in Q3 (from $23.7 billion in Q2 to $13 billion in Q3) with September seeing capital inflows for the first time since Sept 2013. Second, Russia's current account surplus was significantly stronger than expected ($11.4 billion vs $8.8 billion expected) driven by INCREASED trade. Third, and perhaps most crucially, Russia paid down a massive $52.8 billion in foreign debt as Putin "de-dollarizes" at near record pace, reducing external debt to the lowest since 2012.
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