More nations are joining the global gold rush (1) which some even going so far as to suggest a return to the gold-standard (2) for a pan-Asian trading currency (3).
China and India (4) are continuing to grow their reserves as more central banks switch from the standard US currency reserves to a more “hard asset” (5) that they can place more trust in (6), or just shifting risk away from the dollar (7).
The new BIS regulations allowing gold reserves to cover market risks will increase its demand as major currencies weaken (8) or shift east (9).
The trend away from dollars is accelerating the decline of the dollar as a world reserve currency (10) as US treasuries continue to be exchanged for alternatives (11) and previously large creditors continue dumping US debt (12) in favor of gold (13). Speculators are predicting an extensive gold rally (14).
More trade agreements are switching to local currencies (15) with China and Russia steering the move away from the dollar (16) and East Asia considered its own trading currency pegged to gold (17).
References
'Bye, Greenback?': Malaysian PM Suggest Creating Gold-Backed Currency for Trade in East Asia
‘Gold is more stable’: Malaysia needles US with proposal for pan-Asian bullion-backed currency
China Adds Gold For 5th Month, Demand Surges During Important Indian Holiday
Gold Is The One Constant In An Age Of Eroding Trust, Incrementum
De-Dollarization Accelerates: Central Banks Dump Dollar In Q4, Buy Yuan
Killing the dollar softly: China lobbies ASEAN on yuan use to expand economic influence
Why Russia Is Dumping Dollars And Buying Gold At The Fastest Pace In Decades
China Cuts U.S. Treasury Holdings to Lowest Level Since 2017
China Buys Most Gold In Over 3 Years Amid "Determined Diversification" From Dollar
Adiós Gringo: Venezuela und Russland beraten über Handel in Rubel statt Dollar
Putin and Xi call for a rethinking of the US dollar role in global trade
Malaysia Proposes Common Asian Gold-Backed Currency