This is not a trading event, but a seminal one!
“the bank stated that it sees the U.S. dollar losing its status as the world’s dominant currency, and consequently depreciating in value.”
“To us, this makes sense: gold is a stable source of value with thousands of years of trust among humans supporting it,” he said.
All I can say is WOW! The powers that be are revealing themselves.
CIGA Wolfgang Rech
Ditch the Dollar, Buy Gold and Other Currencies: JP Morgan
August 06, 2019
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(Kitco News) – Investors should diversify away from the U.S. dollar and increase their exposure to other major currencies and gold, according to a report from JP Morgan.
In a recent market note, the bank stated that it sees the U.S. dollar losing its status as the world’s dominant currency, and consequently depreciating in value.
“There is nothing to suggest the dollar dominance should remain in perpetuity,” the note said. “In fact, the dominant international currency has changed many times throughout history going back thousands of years as the world’s economic center has shifted.”
JP Morgan attributed the dollar’s decline to China’s emerging role as an economic power, a trend that can be traced back to after the Second World War, as China “has been at the epicenter of [a] recent economic shift driven by the country’s strong growth and commitment to domestic reforms.”