Gold Rush to Dump U.S Debt
Gesara.news » News » Gold Rush to Dump U.S DebtNews Date: July 26, 2020
As the world continues down the road of extreme uncertainty, investors and foreign central banks continue to turn to the oldest form of money as a measure of providing some stability, gold.
So far, in 2020, central banks have added a net of 181 tons of gold to their reserves. Gold continues to retain its position of being the most reliable store of value and means of exchange in times of extreme uncertainty. This should explain why several central banks plan on continuing to increase their gold reserves in 2020.
Last week the World Gold Council noted that central banks bought 59 tonnes of gold in June.
For the first half of this year, central banks purchased 270 tonnes of gold.
The WGC noted that central banks bought 180 tonnes of gold in the second quarter.
The substantive requirements of applications will remain the same with the new system making the filing process more intuitive and minimizing paper applications and communications.
The President of the Trade House of Pakistan Association Zahid Ali Khan said on Tuesday: replacing the US dollar with Russian rubles and Chinese yuan is a potential plan Pakistan is considering.
Ray Dalio:Within the next five years you could see a situation in which foreigners who have been lending money to the United States wont want to, and the dollar would not be as readily accepted for making purchases in the world as it is now.