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Economy
See other Economy Articles Title: What strong gold says about the weak dollar
Source:
Financial Times
URL Source: https://www.ft.com/content/e9c78b99-8a29-47e2-b5bf-9f7542608cf6
Published: Apr 26, 2023
Author: Ruchir Sharma
Post Date: 2023-04-26 23:55:22 by Charles_Byrd
Keywords: None
Views: 72
Today commentators overwhelmingly agree that a weakening US dollar cannot possibly lose its status as the world’s dominant currency because there is “no alternative” on the visible horizon. Perhaps, but don’t tell that to the many countries racing to find an alternative, and such complacency will only accelerate their search. The prime example right now is gold, up 20 per cent in six months. Surging demand is not led by the usual suspects — investors large and small, seeking a hedge against inflation and low real interest rates. Instead, the heavy buyers are central banks, which are sharply reducing their dollar holdings and seeking a safe alternative. Central banks are buying more tons of gold now than at any time since data begins in 1950 and currently account for a record 33 per cent of monthly global demand for gold. Click for Full Text! Post Comment Private Reply Ignore Thread
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