As the world floats precariously in a sea of $250 trillion of debt, Mr. James Dines says the US dollar is getting replaced by gold, which is hopefully not a sign of war.

Mass Fear
February 14 (King World News) – 
Mr. James Dines:  Gold’s rally since its August 2018 lows has been among the best market performers since then. Some credit this to interest-rate rises, a weaker dollar, or declining stock markets late in their cycles – however, we believe the real reason is Mass Fear seeking havens. … Incredibly, for some abstruse reason, haven money has also fled to Japan’s yen, which is backed primarily by American paper – we consider that absurd. Another example of Mass Fear trumping reason…

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The US Dollar Is Getting Replaced By Gold
Mr. James Dines continues:  
Meanwhile, gold buying by government banks internationally has roared to the highest in a half-century, particularly in Russia, but also Turkey and Kazakhstan. Russia’s gold purchases came from domestic production, circumventing the US dollar entirely. As America employs trade sanctions and seizures of assets, the US dollar is getting replaced by gold – also the ruble in some places.

Hopefully Not A Sign Of War
But the gold buying couldn’t be the only factor, otherwise why would silver also be rising ensemble? By The Dines Wolfpack Theory (DIWPAT) of course. So silver has gone up simply because gold has. The world’s government banks bought 500 tonnes of gold last year – paid for by dumping US Treasuries. China bought 16 tonnes, after 2 years of a flat position; Hungary and Poland were new buyers; Russia last year bought 274.3 tonnes of gold, its biggest net purchase on record, and has leaped ahead of China to build the world’s fourth-largest gold reserves – hopefully not a sign of war…For those who would like to subscribe to The Dines Letter CLICK HERE.

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