The author of the yearly In Gold We Trust reports, Ronald Stoeferle, talks about the future of our monetary system in one of his latest interviews (courtesy: GoldBrokers).
They key trends that Stoeferle discusses are the de-dollarization, massive purchases of gold by the Chinese, and the push by the IMF to move to an SDR based global monetary system.
First, with a massive physical gold hoarding by China in recent years, it seems at first glance conflicting a potential evolution of the global monetary system to SDRs (“Special Drawing Rights,” the paper based currency promoted by the IMF). Stoeferle points out that China was facing a high inflation rate at the end of the 40ies / beginning of the 50ies. A similar situation occurred in Germany and Austria. It is no coincidence that people in those countries have a deep respect for gold’s value, both private citizens and central banks. Stoeferle’s estimate is that China owns 5 to 6k tonnes of physical gold, based on import numbers and private discussions with Chinese officials.
China is most likely evolving towards a gold backed Yuan. It’s probably not their objective to make a world reserve currency from the Yuan, but rather a much more important trade currency. They are already actively promoting the Yuan as a trade currency, as evidenced by almost daily announcements of bilateral swap agreements. Comments from politicans and cental bankers in China all point to a major – and growing – importance gold.
Source GoldSilverWorlds
Looking for a secure way to buy physical gold and silver?
GoldMoney company offers you 6 months of FREE storage if you sign-up and buy physical metals via www.goldreference.org. Simply choose “GoldReference.org” from the dropdown list, or manually write goldreference, when you open a Holding at GoldMoney. See also our page How To Buy Gold & Silver Online.