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The longstanding US-Saudi petrodollar agreement is unraveling, with Riyadh inching towards diversified currency deals including the yuan. Our guest commentator sheds light on the history and present challenge to the petrodollar, and what this means for US dollar decline.
In investing, “Buy low, sell high” is among the most well-known sayings, and generally, it’s good advice. But with gold still holding near its historic all-time highs, central banks led by China are bucking the classic adage and smash-buying more, buying the top to fortify themselves against a global monetary and financial blow-up.
With gold hitting yet another awe-inspiring all-time high in the wake of Powell’s remarks reassuring markets (more or less) to expect rate cuts in 2024, a few analysts are pointing out risk factors for a correction — so is there really still room to run?
Are the Chinese selling US dollar-denominated assets to buy gold? It sure looks that way.
Last month, the BRICS economic bloc extended invitations to six new members, including Saudi Arabia. What are the ramifications of this expansion? That remains to be seen. But as Ron Paul pointed out, it could further erode the West’s economic power, and ultimately threaten the status of the dollar as the exclusive global reserve currency.
The BRICS economic bloc announced it will add six new members, including Saudi Arabia. The growing influence of BRICS could ultimately dent Western economic power and undermine the dollar’s role as the world’s reserve currency. In this episode of the Friday Gold Wrap, host Mike Maharrey talks about the ramifications of BRICS expansion, de-dollarization, and […]
The BRICS summit is underway with talk of expanding the economic block and speculation about a “new currency.” Peter Schiff appeared on Real America with Dan Ball to talk about these developments, saying the BRICS nations will blunt Western dominance.
In another blow to dollar dominance, India and the United Arab Emirates settled an oil trade without converting local currencies to dollars for the first time on Monday, as India’s top refiner made a payment for oil in rupees. Indian Oil Corp. bought a million barrels of oil from Abu Dhabi National Oil Company in […]
The US dollar is on shaky ground. There is a growing trend toward de-dollarization. Meanwhile, the Federal Reserve is tinkering with the idea of a digital dollar that could give the government unprecedented control over your spending. Given the trajectory of the dollar, it might be a good idea to find some alternatives. In other […]
Dollar doubts continue to grow, threatening the greenback’s perch at the top of the global financial system. Last week, Kenyan President William Samoei Ruto suggested that African nations should shift away from using the dollar in intercontinental trade.
Earlier this year, Saudi Arabia said it was willing to discuss trade in currencies other than the US dollar. This could mark the beginning of the end of petrodollar exclusivity. That would be a huge blow to dollar dominance. Ron Paul said historians may one day call this the most significant event of 2023.
