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In a foreboding sign for the US, China, India, Russia and Turkey are diversifying away from the US dollar in favour of gold in their reserve portfolios.
The Fed now admits some countries are moving to gold. But says it’s a small group.
China: 1.4B
India: 1.4B
Russia: 144M
Turkey: 85MThat “small group” represents 3B people. So 37.5% of the world is moving away from dollars towards gold. https://t.co/mx7QFjESCs pic.twitter.com/cDbl1KqZgR
— Balaji (@balajis) May 30, 2024
The move, brought by countries representing 40% of the world’s population, could usher in a decline in the dollar’s value and in the West’s strength on the world stage. It’s the latest in a series of blows amid rising tensions with Russia and China, with a deepening partnership between the two countries posing a major threat to the West. Will sleepy Joe do anything about it?
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