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Hugo Salinas Price: Decline in world's monetary reserves signals end to dollar as reserve currency
7:14p ET Monday, April 20, 2019
Dear Friend of GATA and Gold:
The decline of the monetary reserves of central banks since August 2004 suggests a consensus that the U.S. dollar's role as the world reserve currency is coming to an end because the United States now consistently produces far less than it consumes from the rest of the world.
That's what Hugo Salinas Price, president of the Mexican Civic Association for Silver, writes tonight, elaborating that the IOUs being created by the U.S. government increasingly are being used by foreign governments to purchase gold, a monetary asset without such counterparty risk.
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Salinas Price writes: "The U.S. government thought that by manipulating the price of gold to keep it low and driving it down when it has risen a bit, it would dissuade the world from investing in gold. It has not realized that it has been dealing not with simple and ignorant private investors but with intelligent individuals who can easily see through the charade mounted by U.S. authorities. The low price of gold has been an excellent incentive to investment on the part of the Russians, Chinese, and other Orientals.
"There is a constant flow of gold from West to East as China, and probably other nations as well, want to divest themselves of dollars and obtain gold, which is a physical asset independent of any political entity.
"The Chinese central bank has distributed its claims on dollar balances, earned through export trade, to various entities, which will be doing whatever they can to obtain tangible assets around the world with their dollar balances. Perhaps the Chinese are colonizing Central Africa and buying up its agricultural land and mineral deposits with dollars they earned on their exports to the United States? Quite ironic that the United States should advance the interests of China in this way!"
Salinas Price's commentary is headlined "The World's Monetary Reserves and the End of an Era" and it's posted at the civic association's internet site, Plata.com.mx, here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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