EURO IS DESTROYED DOLLAR TO FOLLOW CHINA GOLD BACKED YUAN SCARE THIS IS IT!!
From FinViz, here’s the Euro vs. the dollar:
It’s not totally clear what’s behind the move, but a WSJ report about how Greek creditors were at “loggerheads” may be a culprit.
It could be something else. Spanish yields are also notably higher on the day.
As noted earlier, the drop in the euro is part of a broader “risk off” move.
According to the article, China is recasting all of their gold reserves into small one kilo bars in order to issue a new “gold-backed” currency. Many say this will disrupt global trade and will eventually cause a collapse of the US dollar.
There can be no doubt that the US dollar will soon be history. China is recasting all of their gold reserves into small one kilo bars in order to issue a new ‘gold backed’ global currency. This is surely a strategic part of their recent push to sign new trade agreements with Russia, Japan, Chile, Brazil, India, and Iran. The cat is now out of the bag, the US will be given the ‘bums rush’ by the largest trading nations in the world and the dollar will go down in flames. GATA now estimates that 80% of the gold that investors believe they have in allocated accounts is long gone, the majority of it probably wound up in China.