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Reuters/Samuel Shen and Emily Chow/4-28-2020
“The president of the Shanghai Gold Exchange (SGE) called for a new super-sovereign currency to offset the global dominance of the U.S. dollar, which he predicted would decline long term, while gold prices rally.”
USAGOLD note: He went to say that gold’s gains since the start of the year are likely to be sustained. He says given the Fed’s opening of the “liquidity tap” will send the dollar into a “long-term depreciatory trend.” We do not believe that a super-sovereign currency is likely any time soon, though crisis has a way of upending the current order – whatever the current order might be.