Chinese Gold-Backed Currency To Be Unveiled As This Major Market Surges

Sunday, July 30, 2017
By Paul Martin
July 29, 2017

Today one of the top money managers in the world told King World News that the Chinese will unveil a gold-backed currency as this major market surges…

Stephen Leeb: “As we approach the end of July, gold has eked out a 2 percent gain for the month. Not bad, but considerably below the 8 percent gains in commodities like oil and copper. The point, however, is that trends in all commodities are linked to each other and to gold (which is both a commodity and a currency-in-waiting). I like all commodities here, and that’s a big reason for liking gold – which, as I said in last week’s interview, has likely bottomed as China’s financial markets have become more open and transparent…

Let’s unwrap the above thoughts in more detail. The reason to like commodities here is one I can’t stress too strongly or too often: the part of the world that is developing the fastest – i.e., developing countries – constitutes the biggest part of the world’s economy by relevant measures such as international dollars. In other words, fast-growing developing economies are now a big enough part of the global economy to count more than the developed world in setting global trends. Their rapid growth will translate into strong and rising demand for commodities, everything from cobalt to copper to oil to zinc and more.

It also will lead to the need for a currency that can be trusted, which means gold. As commodities grow scarcer, producers will become unwilling to hand them over for paper currency that can be debased by firing up a printing press.

The Rest…HERE

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