Is gold REPLACING the dollar?!

Much of the recent price increase is driven by central banks and institutional investors, but industry observers say gold is also drawing fresh attention from retail investors, who are more likely to turn to the precious metal in times of uncertainty.

On Friday, the U.S. dollar fell for a fifth straight day. Consumer sentiment worsened for the fourth-consecutive month, according to a closely watched University of Michigan survey. The yield on 10-year U.S. Treasury bonds — typically seen as a safe haven — briefly climbed above 4.5 percent, raising fresh questions about where people turn in times of economic volatility.

“The references you’re hearing now are things you haven’t heard since the 1930s” when the protectionist Smoot-Hawley Tariff Act took effect, said David Greely, chief economist at Abaxx Technologies, which is majority owner of a commodities futures exchange in Singapore. “… It makes people look and say, ‘Okay, are the assets that I thought were safe, safe?’

reporting by Shannon Najmabadi

[PokeRedstone]

Wow! He’s doing the exact opposite of what he claims he wants? Crazy! Never would’ve seen that coming.

[dapp_attack]

"He's a businessman, he'll run this country like one of his casinos, that's what we need" said every Trump supporter I have ever met.
He has BANKRUPTED SIX CASINOS UNDER HIS DIRECT MANAGEMENT. This country will also be bankrupt, not just of money, but of free will if he continues down this path.

[Soupurman]

Damn, guess I should've listened to Grunkle Stan

[blockman]

“Let’s put a billionaire, a person driven by greed, into a position of power and trust him to use that power for the benefit of others. Oh, oops, he’s using his power to fuel his greed. Who could’ve seen that coming?”

[i_like_Peanuts]

Problem is, the shit he does doesn't just effect him, IT ALSO EFFECTS ME ON THE OTHER SIDE OF THE GLOBE 😭

[arbohill]

It's really amazing: You elected a president who's explicitly trying to destroy everything that made your global hegemony possible.

[WelfareChrist]

Klarna partnering with uber eats to finance your meals is my favorite recession indicator

[BKope]

Trump is destroying America more effectively than our enemies ever could. At least all those gold ads on truth social will keep it open 😂

[Ninkavbed]

And we all wondered why Russia was stockpiling on gold before the war with Ukraine 😅

[fijit]

Y'know, I was wondering how I was going to explain the massive deflation of the US dollar in my Detroit: Become Human fanfiction. Turns out they just predicted this back in 2017 😭

[Boodikii]

A conclusion foreseeable by anybody with more than 2 functioning braincells.

[josephteller]

Trump is working for Putin. Every economic move he has made makes Putin richer. Remember Putin has HUGE gold reserves.

[SweetenSols]

“Buy Crypto, SUCKERS!” -Golden Dorito

[Soguwe]

On the upside, losing the dollar as the standard would be very nice
Can't wait for the Euro to step up

[silverwind]

I remember so many of my right wing friends on Facebook saying how the prices would go all the way down once trump is in. I'm curious what he think now

[andredunbar]

Call me paranoid, but what's happening looks like what someone with a massive financial interest in gold would want to happen in order to vindicate their decades-long advocacy to return to the gold standard

Edit to add: I feel that "financial interest in and/or ideological commitment to the gold standard" instead of "financial interest in gold" would have been a clearer expression of where my thoughts went

[口雨口]

"make america poor again" ahh 😭🙏

[thehellhound]

For those wondering why, when the economy is doing well the rich buy things that go up in value like houses and stocks. This way their money becomes worth more while doing nothing. During bad times they buy gold, cause gold is more stable than any currency and only significantly fluctuates when there's high demand like when a bunch of rich people buy gold so their money doesn't depreciate in worth being tied up in real estate or stocks.

[julen]

I agree except the gold bit. It has been on the rise since 2016 and reaching higher highs since 2020.

[munster]

"The dollar is the world's reserve currency. ... it is the bedrock of the global financial system. So if countries rely on the dollar less, they could rely on the U.S. less."

Yeah this was actually something in planning already. Some of the largest countries in the world have gotten together to start moving away from USD, as shown by the existence of BRICS. Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates are all members, whos numbers comprise almost half of all humans on the planet. It doesnt make sense for all of them to rely so much on one country's currency, especially now when that country is intentionally alienating itself from all its allies.