“Of interest are the developments in China and India. China and India will take up all of the Western world’s gold production this year. Now, the Chinese have not been idle while the debt discussions have been unfolding. As an example, the Chinese have recently signed a deal in the UK that allows for the renminbi to be converted into pounds. This is something like 24 countries now which are now on board with China’s currency. The bottom line is the Chinese are slowly and quietly making the renminbi convertible.
The next major move for the Chinese is they will allow for their big state-owned companies to buy other companies. That’s a good way for them to unload their foreign exchange reserves, particularly dollar reserves. When that happens, Eric, we will see the first competitive currency against the US dollar, which up to now has held the preeminent position as the world’s reserve currency since 1944.
This process by the Chinese to unseat the US dollar as the supreme currency has recently been accelerated because of concerns about the recent chaos in Washington. You also have Russia now pushing for an alternative reserve currency. So this international movement for an alternative reserve currency is now unfolding in a major way, and it will have incredibly dramatic ramifications for the United States in the future.
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