Monday, November 30, 2020
Home Uncategorized Bye bye, Benjamins! Global de-dollarization drive continues, boosting gold demand to record...

Bye bye, Benjamins! Global de-dollarization drive continues, boosting gold demand to record highs

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Russia & China will lead the world back to GOLD STANDARD, investment manager tells Keiser Report

BoA also said that no single currency stood out as having benefited from the process so far. Instead, many central banks have turned to gold, increasing their bullion holdings. Data show that central bank demand came in at 650.3 tons last year, just slightly below the 2018 record net purchases of 656.2 tons. 

According to the World Gold Council, 2018 marked the highest level of annual net central bank gold purchases since the suspension of dollar convertibility into gold in 1971, and the second-highest annual total on record.

READ MORE: ‘The world is going back to a GOLD STANDARD as the US dollar is about to collapse’ – Peter Schiff

Experts point out that Russia and China, the two major countries that led the de-dollarization drive, will continue adding to their bullion holdings, cutting their respective share of the dollar, and even leading the world back to the gold standard.

For more stories on economy & finance visit RT’s business section

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