The American dollar system is broken. All of the major swings in the economy over the last few years that have been driven by political and policy-based initiatives have led to a decline in global trust of the American dollar. The ongoing banking crisis makes it more evident.
The breakneck pace at which the global banking system is becoming multipolar is supported by central banks continuing their gold stacking efforts into first quarter.
JP Morgan Chase is among the largest banks in the world. CEO Jamie Dimon made headlines last year with dire warnings about the economy.
- May 2022 – Announced to a group of investors at a conference that he was preparing for the worst and feared that the economy was heading in an economic “hurricane.”
- October 2022 – Told MSNBC commentator that a recession was eight to nine months away.
In March of this year, JP Morgan Lead Strategist Marko Kolanovic suggested that as investors lose confidence the possibility of a Minsky moment in the markets could lead to a sudden crash in across some sectors.
Reports from the IMF and World Gold Council show the largest purchases in the first two months were Singapore (51.4 tonnes), Turkey (45.5 tonnes), China (39.8 tonnes), Russia (31.1 tonnes) and India (2.8 tonnes).
Very few countries have reported a reduction in their central bank gold holdings. However, many reports show various countries have increased their yuan currency holdings.
Some current trends suggest the Chinese yuan is gaining a foothold because of some recent lucrative trade deals, such as those with Saudi Arabia and Brazil.
Reports from the Russian government have made the allusion that the basket currency will provide support for countries that may be rich in natural resources and could include fertile soil, rare earth elements, and of course, precious metals including gold, silver and platinum.
Countries from across the southern hemisphere are expressing interest in joining the trade agreements outside of the dollar currency. The BRICS treaty countries are purportedly preparing for the announcement of a commodity based basket currency in South Africa at their next conference in August.
The G7 was long considered the global financial powerhouse of countries that set many of our current standards since 1975. Data reported in March shows that the BRICS nations combined have overtaken the G7 in GDP, with trend lines suggesting that separation could continue through 2030.
Various reports in recent weeks have suggested that the upcoming FedNow service expected to launch this summer is the first step in a Fed role of out a nationwide CDBC. Of course, the Fed has responded to the rumors with an announcement that the payment system is not a digital currency.
The IMF, a cartel controlled by member banks, has announced that they’ve received unprecedented interest from their member central banks with more than 30 countries asking for help fast-tracking CBDC implementations.
A private organization that advocates on behalf of the IMF called the DMCA recently announced their own CBDC, seemingly backed by the banking cartel.
The Universal Monetary Unit (UMU), or Unicoin that is represented with the ANSI Character, Ü. The IMF says that it can be used to transact in any legal tender settlement currency. It is also fully programmable and can be used to enforce regulations dealing with the international banking system.
The press release claims that it is legally a money commodity but does not specify where it is legal.
The DMCA hopes that central banks will adopt its Unicoin standard when implementing their own national digital currency initiatives.
More investors are beginning to view investing in precious metals as a way to preserve their money for the coming financial hurricane.
Wage growth has tumbled, thousands have been laid off, unemployment levels have started to rise and we are seeing more signs that we are headed for a major recession.
Gold prices continue chasing towards record highs with spot price closing the week at $2,005 per ounce. Silver spot price closed at $25.43 per troy ounce.
Having a diverse mix of gold and silver in your portfolio can offer some financial protection against uncertainty in other markets.
Having a stack at home also helps you to gain the financial independence to be your own bank.
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