Gold and the evolution of the dollar

As more and more liquidity is pumped into the global financial system, so gold bugs have become increasingly vocal about the precious metals monetary properties and the importance of hard assets.

And, for good reason, they argue, the metal has been used as a monetary asset for centuries.  But, while it remains a medium of exchange in some places, currently world’s reserve currency is the US dollar. And, any view of gold’s long-term prospects must take account of the outlook for the US dollar.

 

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