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Jim Rickards: 'Axis of Gold' readies gold-based payment system to evade U.S. control
The Axis of Gold Will Drive Gold Higher by the End of 2018
By James G. Rickards
The Daily Reckoning, Baltimore, Maryland
Thursday, May 24, 2018
A major blind spot in U.S. strategic economic doctrine is the increasing use of physical gold by China, Russia, Iran, Turkey, and others both to avoid the impact of U.S. sanctions and create an offensive counterweight to U.S. dominance of dollar payment systems.
This is the Axis of Gold.
This gold-based payments system will dilute and ultimately eliminate the impact of U.S. dollar-based sanctions.
... Dispatch continues below ...
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Gold offers adversaries significant defenses against these dollar-based sanctions. Gold is physical, not digital, so it cannot be hacked or frozen. Gold is easy to transport by air to settle balance of payments or other transactions between nations.
Gold flows cannot be interdicted at SWIFT, the international payment system. Gold is fungible and non-traceable (it is an element, Atomic Number 79), so its origin cannot be ascertained.
We have a lot of data to support the claim that the Axis of Gold exists and is gaining strength. ...
... For the remainder of the report:
https://dailyreckoning.com/axis-gold-will-drive-gold-higher-end-2018/
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