Russia and China buy gold to get rid of the weakening dollar

>>1259731
According to the publication, central banks of Russia and China have been buying a lot of gold recently. During the past 15 months China has increased its gold reserves by 70% to 1,700 tons, becoming the world's sixth country with largest reserves of gold. Russia's gold reserves have grown by 21 percent to 1,460 tons.

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>>1259731
They buy even MORE gold when the FED drives down the cost with their money printing machine

>>1259731
>weakening dollar
>because going from 75 to 100 is weakening

>>1259947

75 to 100 what?

>>1259951
the dollar index

>>1259947
>being this naive

In the near future (could be decades), US Dollar is going to stop being the 'world currency'. This has pretty huge implications. US is going to crumble.

>>1259731
Itt : people with "zerohedge" level knowledge of heopolitics and economics

>>1260734
Yeh - that would require a safe haven for money. Lets see...

Euro? Trash

Brics? All trash (and china fudges the numbers on their trash)

Late stage capitalism friend - far too late for a "new" hegemony or reserve currency - from here its into the shitter , all of it

>>1260738
or buttcoin. Also you prefer your feds fudged numbers kek
.Gold is the safe haven when there are NO safehavens . but what would I know, op here!

>>1260740
it's just a matter of what country acquires enough gold to back their own currency.
>probably chinese yuan will be new world reserve

>>1260740
>safe haven

It's already been proven people will accept paper backed by nothing. IMF SDR's would work just fine in that case (which has already been floated as an alternative).

Obvious bull trap is obvious and Gold is going back down to sub $1000 range very soon.

>>1261043
Well actually the people who are accepting that money still believe its backed by something of value...the minute they doubt that where will they go?

>>1261645
Im not talking about people in the streetsnot yet. It is up to the major players firstly when they stop 'believing' the money is backed by somehtin of value then what happens?