A Multipolar Reserve Currrency: US Dollar Alternatives

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if you’re looking ahead of the elections
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do you think that the outcome of the
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elections either way
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would influence foreign policy going
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forward and as a result
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foreign countries decisions to hold more
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or less gold
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absolutely i mean we’re working on a
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report right now
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on the implications of the election for
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for gold and precious metals
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uh and you have like four different
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scenarios on how things
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shake out but definitely i mean you know
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this
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administration has um
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excelled in its ability to reduce the us
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stature around the world
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and to create hostile relationships with
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countries around the world
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it’s had a negative effect on cpm group
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because
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there are people who don’t want to deal
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with u.s companies
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and and so i think a change in the
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administration
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while it wouldn’t be a 180 degrees turn
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because
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there are people in the democratic party
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including joe biden
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who will probably retake retain would
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retain
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some sort of hostile posture toward
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china
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it may be less hostile than the current
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one and it may be less hostile toward
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canada
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and and other countries around the world
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so you should see
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if you saw a change in the
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administration and a change in the
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senate
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you should see some improvement in the
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u.s relations with
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the rest of the world but there’s been a
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tremendous amount of damage
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done to the u.s stature globally
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and it’s probably not going to get
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changed by one
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by a change of government for four years
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do you think the us dollar then going
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forward could lose its status as a de
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facto reserve currency of the world
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because you see another currency
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challenging that status
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as i said the part of the problem is
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that the u.s owes the world so much
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it owns it we have 62 percent of
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monetary reserves
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the u.s dollar will lose its stature
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as the reserve currency in the future
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the future may be 50 years from now and
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it is it not it is reversible
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this could not happen if the u.s
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government got its act together but i
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have
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no hopes for that well if the u.s if the
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u.s loses that status
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who’s what’s going to take over who or
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what well i was getting to that
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as i said earlier most central banks in
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the world
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see as an ideal a multi-polar
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international currency regime they
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understand that it will take
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decades to get there because of the
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imbalance and liquidity between the
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dollar and
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all of the other currencies in the world
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yeah
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62 percent of their money of their forex
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is in dollars that means that there’s
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only 38 percent and everything else
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they have to slowly make that transition
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away
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no government wants to see
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its currency replace the dollar as the
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reserve currency
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what they’d like to see is a multi-polar
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international currency regime
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where people are free and companies and
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governments are free
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and there’s sufficient liquidity in
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non-dollar currencies
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that you can own and hold a portion of
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your wealth
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in those other currencies a greater
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proportion of it
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no one like if you talk to the chinese
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central bankers if you talk to
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other central bankers in around the
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world
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no one expects the dollar to disappear
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as a
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quote de facto reserve currency
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but they‘d like to see it disappear as
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the de facto current
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reserve currency but they’re fully aware
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that this is something that’s going to
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take decades to execute
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if it can be done okay you brought up
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china i’m surprised to see that china
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was relatively low on the list
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when you’re talking about their
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percentage of foreign reserves
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in gold holdings it’s only four percent
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of the foreign reserves in gold
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are you surprised at how low that number
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is
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no um i’m not surprised i
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i should ask you why you’re surprised
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that it’s high
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but you know china that should the
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people’s bank of china for
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decades had a view that gold was a small
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and insignificant portion of its
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monetary reserves
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it changed that view in 2015 at a time
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when it rolled out
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a massive acceleration of
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its efforts to make the rmb
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more of an international currency it’s
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still not you know fully convertible
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but they expanded the daily trading
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ranges and they expanded the longer term
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trading ranges that they found
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acceptable on the rmb
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they started encouraging rmb
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bonds offshore being issued offshore
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and they said okay we’re adding some
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gold to our reserves and we’re going to
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continue to buy gold because
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we see gold as a small but significant
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part of our monetary reserve policy
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going forward
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now this was in 2015 and it’s very
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important to understand that that was
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after 2008 and 2009 when the u.s
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treasury
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basically stuffed everybody else and
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protected
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the bankers or the executives at the
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banks uh
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in the us and and so this was a direct
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reaction
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to the inappropriate behavior that the
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us
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treasury had during the financial the
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global financial crisis
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uh and and the chinese central bank
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basically said we have to accelerate our
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effort
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to help move toward that multi-polar
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currency
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regime that we all would like to see in
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the long run
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uh and so they started adding their goal
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if you go back to 2015
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they probably had about 1.1 1.3 percent
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of their reserves in gold so the fact
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that it’s up to four percent
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and the fact that they have like three
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trillion dollars of dollar reserve
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of of foreign exchange reserves means
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that it’s going to be a slow transition
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as they add gold to it and as i said
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they’re very price sensitive
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they pulled out of buying gold for about
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15 months a few years ago
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then they came back and they were buying
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but then they pulled back at the end of
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2019
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and they haven’t reappeared they said
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you know in the past they said
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we’ll buy gold below a thousand when
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gold went over a thousand they
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didn’t buy any gold for several years
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then they increased their threshold
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and they knew they were buying uh and
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then when the price started rising this
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year they said no
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you know we’re going to wait finally
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jeff with everything that’s happened
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this year and in particular with the um
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central bank activity or slowdown of
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central bank buying activity
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do you think the run-up of gold prices
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to two thousand dollars
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all-time highs has made sense to you do
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you think valuations are
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correct as they should be right now yeah
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i think they are
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uh you know obviously the trend of the
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next year or two is going to depend on
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several things the outcome of the us
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elections for the senate as well as the
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presidency
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brexit is coming up the pandemic which
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is getting worse in europe now and is
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expected to get much worse in the united
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states
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there are a lot of negative factors
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there uh that fully support the idea of
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a two thousand dollar
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gold price now i wouldn’t be surprised
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to see the price of gold
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spike up higher on a short-term basis uh
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then maybe plateau depending on what
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happens politically
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uh but we expect higher prices later
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like
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2023 2025 because
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none of these things are being solved
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would you have a long-term price target
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in mind
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we’re looking at a gold price that is
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very significantly higher than it is
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today
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all right perfect jeff jeff i want to
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thank you so much for uh speaking with
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me today that was a fascinating talk
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thank you for your time thank you for
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your time
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and thank you for watching kiko news
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we’ll have much more coverage for you
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at the denver gold form stay tuned
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you

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