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A Glimpse Into Our Monetary Future

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

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