I Said the U.S. Dollar was Strong in my Previous Post – But I Wasn’t Telling the Whole Truth
On November 10, 2023
In essence, while the US Dollar might be the cleanest dirty shirt in the laundry basket of fiat currencies, indicators beyond this system, like the potential BRICS Currency Union and the steadfast performance of gold, suggest that the dollar’s resilience may not necessarily translate to fundamental strength.
The road ahead for the dollar seems laden with challenges, and it’s worth keeping a close eye on these alternative indicators for a more rounded understanding of its true standing in the global financial arena.
The New BRICS Currency Union
Let’s talk about the potential game-changer in the world of currencies – the BRICS Currency Union.
The idea of a new BRICS trade currency, possibly gold-pegged, has been floating around, promising a shift in the global economic landscape.
However, before we get too excited, it’s crucial to note that this movement is still in its infancy, stumbling through its growing pains.
One interesting twist in the tale comes from India, a key BRICS nation, playing a delicate balancing act. Reports suggest India opposes a common currency introduction while also refusing to pay for Russian oil in Chinese yuan.
It seems like the BRICS union is still figuring out its own script, and until then, it remains a distant challenge to the dominance of the US Dollar.
Gold as an Indicator of Fundamental US Dollar Weakness
Now, let’s turn our attention to a shiny and reliable old friend – gold. Often hailed as the true measure of a currency’s strength or weakness, gold tells an interesting tale about the US Dollar.
Despite its apparent strength against other fiat currencies, some argue that the dollar is not fundamentally robust.
Gold, in this context, acts as a truth-teller, revealing potential chinks in the dollar’s armor that might be overlooked in the fiat currency system.
Gold Performance vs. the US Dollar
Here’s where it gets intriguing.
Over the past month, gold has flexed its muscles, gaining close to 10%.
It’s like the canary in the coal mine, alerting us to potential shifts in the economic landscape.
We can certainly expect gold to become even stronger, signaling fundamental weaknesses in the US dollar. This isn’t just a blip on the radar; it’s a trend worth paying attention to.
© Awake-In-3D | GCR Real-Time News
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