Generally avoiding sensationalist analyses and reports, this past week, oilprice.com published a column titled, the ‘War on Gold Has Begun’.
While gold and US dollar are natural rivals, American oligarchs aim to supplant gold with US currency, the column attempts to paint a bleak future for gold.
It also reinforces the narrative of how everyone needs US dollars. This is wishful thinking.
‘Gold vs the US dollar’ is an old debate. The fact remains that in times of uncertainty, gold is still a secure and preferred choice for many people to safeguard their wealth.
As the economic uncertainty continues due to COVID-19 crisis, people will naturally seek ways to safeguard their wealth. Gold provides a traditionally safe method.
While the gold vs US dollar argument lingers on, it is highly likely that with the quickening pace of the US empire’s decline pace over the next few years, more people will opt for gold.
It will be interesting to keep track of gold prices if Donald Trump is re-elected as president, guaranteeing further internal instability for the already declining US empire.