The recent surge in precious metals (1) clearly indicates that the era of faith in the US dollar is coming to an end (2) as governments and investors turn to the “safe havens” of gold (3) and digital currencies (4). Experts are ambivalent on which alternative could eventually replace the dollar (5), although some suggest that Europe has long anticipated a return to the gold standard (6).
China and Russia have ditched the dollar as a trade currency in favour of their own (7), both for geopolitical reasons (8) and in the interest of self-preservation (9); reducing the flow of dollars in cross-border trade (10).
China is moving away from the US-centric SWIFT (11) system, while increasing their acquisition of gold mines (12) to add further stability to the yuan. Economists are predicting an inevitable dollar crash and return to the gold standard –recommending that investors take note (13).
Others floated the idea of a devaluation of the dollar in hopes of stemming its rapid decline (14) and create an improved and more competitive economy, before the situation approaches emergency-levels (15). Historically, this has often been a misleading strategy, as countries with declining FX rates were relatively poorer and less competitive.
Excessive money-printing has brought the dollar to near irrelevancy and the repercussions of a dollar crash would resound globally, upsetting currencies (16), economies (17), industries (18), investments (19), and the entire geopolitical dynamic as it currently stands (20).
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The yuan won't unseat the dollar soon but could grow in prominence if China dominates tech and trade