Legend Says Fade The Takedown As Gold Set To Spike Nearly $1,000
KingWorldNews.com
March 29, 2018
With stock markets trading higher and the US Dollar Index attempting to hold the key psychological level of 90, today a legend in the business sent King World News a powerful piece stating the gold price is set to spike nearly $1,000.
Gold’s Price Set To Soar
By John Ing, Maison Placements
March 29 (King World News) – As if the world economy isn’t fragile enough, it appears that we are on the brink of a trade and currency war, compounded by a protectionist reversal of globalization that could sink the dollar which already has lost its traditional safe haven appeal. As the United States inflames relations with China and Japan, it risks a retaliation that could cause fearful investors to dump dollars and seek refuge in yen, euros and gold. Stock markets around the world plunged on fears of an old fashioned “tit-for-tat” trade war, evoking dark memories of the Smoot-Howley Tariff Act of 1930 that exacerbated the Great Depression, when global trade collapsed under a 40 percent duty increase. Ironically that disaster was the genesis for more liberalized trade,with America one of the chief architects. Yet politicians never seem to learn from history.
Start with trade, in 2002 President Bush slapped a 30 percent tariff on steel imports, causing the market to drop 30 percent sending the US dollar lower but only 21 months later, reversed those tariffs to avoid a trade war with Japan and Europe. Today, although the US imports four times as much steel as they export, Trump called for a trade war, declaring them “easy to win” and then imposed a global tariff on steel and aluminum imports affecting some 100 countries. Ironically, China sends less than 2 percent of its steel to the US. Risky as well is the expected defensive reaction to America’s new found economic nationalism, in the form of a “beggar thy neighbour” stance where every country turns to protect their own national interest. The omens are bad. History shows that trade wars are bad and impossible to win.
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