In this report, I cover the early market action from London on Thursday, January 10th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of oil.
Today I look at the dollar and in particular the dollar index and how the technical picture for the index is starting to look quite negative while the euro seems to have perked up out of nowhere and is starting to look quite healthy. I note, of course, that the euro like the dollar is just another fiat currency so at the end of the day I still favor gold and silver over them.
I also look at the recent comments by the Bank of England governor Mark Carney in which he said that the Chinese RMB or Yuan would eventually become one of the major reserve currencies in the world. With that, I look back at one of the videos I made just under a year ago about the battle for monetary supremacy between the U.S. and China.
My conclusion is that the major beneficiary of the eventual demise of the Petrodollar will ultimately be gold and not the Chinese currency and that is why the Chinese authorities have been accumulating gold reserves for over a decade.
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"The Fall Of The US Dollar: Is The Return To A Gold Standard Inevitable?":
What March 26th, 2018 Will Mean to the Petrodollar.
