Loading ...Gold – Perspective
I believe we have seen a similar take not too long ago, maybe even here at the Tent. Particularly the fact that a much greater percentage of the world’s gold buyers do so in other currencies. Good quote from the piece, “I realize that this assertion goes against the thinking of a lot of technical analysts, and I am okay with that.” http://www.321gold.com/editorials/mcclellan/mcclellan062823.html
I think most of the major buying is done off book. So long as the $ is the reserve currency it is the one that matters most.
Doubt it. If I am in India, Brazil or anywhere else in the world there is no reason for converting first to dollars to then buy gold. I am going to use my local currency. In fact with the BRIC’s representing a continuously larger portion of the global community an even smaller amount of the gold purchases are made in the US and using dollars.
https://www.youtube.com/watch?v=_nVk25ZvTkU