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4 Sep, 2018 12:53

China’s actual gold reserves mighty enough to kill the US dollar – RT’s Keiser Report

China’s actual gold reserves mighty enough to kill the US dollar – RT’s Keiser Report

RT’s Keiser Report looks into the post-US dollar world as more and more countries are opting to use their national currencies as they fall victim to relentless US tariffs and sanctions.

Max Keiser discusses the issue of the US weaponizing its currency with the head of research for GoldMoney.com, Alasdair Macleod, who points out that the US knows the global financial system doesn’t have an alternative to the greenback yet, and uses it to its advantage.

“The US is giving a message to every other nation which relies on the dollar for its cross-border trade, that this is actually something not very safe to do,” Macleod tells Keiser. “You need to have an alternative.”

The analyst mentions China, which will inevitably turn to yuan for trading at least inside the Asia region. According to Macleod, China has been accumulating gold for a long time to have the opportunity to back its national currency.

Macleod says that China has a lot more gold than the 1,842 tons the government officially admits to holding in its reserves. According to him, Beijing has been diversifying from the US dollar since 1983 and could have accumulated more than 20,000 tons of gold. He adds that if China begins to back the yuan with its gold reserves, it could kill the US dollar.

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