US dollar increasingly unpopular - gold increasingly popular
De-dollarization is not an invention, but many countries around the world no longer want to be dependent on the US dollar
(PresseBox) - Even though the US dollar is still the primary medium of exchange, more and more countries are using gold as a store of value. The US dollar could therefore become less important in trade relations for two reasons. Firstly, the trend away from the dollar has been underway for around ten years and the storage of assets in gold is increasing. The extent to which trade in alternative currencies is taking place is not recorded. Since 2002, global dollar reserves have fallen by 14 percent. The de-dollarization has accelerated particularly since Russian currency reserves were sanctioned.
The USA and its allies have frozen Russian assets. And they have excluded Russia from the SWIFT financial system (Society for Worldwide Interbank Financial Telecommunication). The Swift system serves as a global financial messaging service and simplifies cross-border payments. In 2023, more than a few central banks expressed concern that the US and its allies had frozen almost half of Russia s gold and foreign currency reserves. Central banks are now happy to buy gold.
According to a survey by the World Gold Council, 29% of central banks plan to increase their gold reserves in the next twelve months. In 2023, central banks have fueled the demand for gold and the World Gold Council is not alone in assuming that this will continue. Because the world has not become a safer place this year. Gold is the ultimate remedy for crises, providing a store of value and diversification. 2022 was a decade record for central bank gold rushes and 2023 was only 45 tons less than 2022. The US dollar is losing status and value, while gold is becoming more and more expensive. Gold companies such as Fury Gold Mines or Collective Mining should be pleased.
Fury Gold Mines - https://www.commodity-tv.com/ondemand/companies/profil/fury-gold-mines-ltd/ - focuses on Nunavut and Quebec. More than 12 grams of gold per tonne of rock have already been identified at the Eau Claire project.
Collective Mining - https://www.commodity-tv.com/ondemand/companies/profil/collective-metals-inc/ - is a copper, silver, gold and tungsten exploration company operating in Colombia.
Current company information and press releases from Fury Gold Mines (- https://www.resource-capital.ch/en/companies/fury-gold-mines-ltd/ -) and Collective Mining (- https://www.resource-capital.ch/en/companies/collective-mining-ltd/ -).
In accordance with ?34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.
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Datum: 03.10.2024 - 03:34 Uhr
Sprache: Deutsch
News-ID 712266
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