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Central banks seen moving out of dollars and into gold and durable commodities
Gold at $10,000? Death of the 40-Year Bull market in bonds? What’s Next for the Global Financial System after Russia's Central Bank Gets Cancelled?
By Steve Goldstein
Marketwatch.com, New York
Thursday, March 17, 2022
The shockwaves are still being felt by the incredible Western sanctions that have rendered the $630 billion in reserves the Russian central bank accumulated virtually unusable. Can the current dollar-centered global financial system last if money can be summarily cancelled?
Arthur Hayes, a former emerging markets trader and co-founder of the BitMEX trading platform, argues that central banks will choose, instead of dollars, to load up on either gold, storable grains like wheat, or storable commodities like oil and copper.
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"In essence, the largest surplus countries' fiat currencies will implicitly grow their gold or commodity backing," he writes, saying gold could rise beyond $10,000 per ounce.
Luke Gromen, publisher of Forest For The Trees and a long-time dollar bear, said that shift had been happening even before the sanctions.
In a podcast with Grant Williams, Gromen said that over the last eight years central banks have bought about $260 billion worth of gold, compared to $60 billion in Treasurys.
"So there’s been this very slow but steady and recently accelerating move away from this dollar system that broke in 2005, through 2008 to this system that looks a lot like what was proposed by [John Maynard] Keynes 80 years ago," he says. ...
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