As we end what has been a wild couple of weeks of trading, today one of the top money managers in the world told King World News that the takedown in the gold market is setting the stage for “Goodbye US dollar” as China is going to revalue the price of gold sharply higher.
“Goodbye US Dollar”
(King World News) – Dr. Stephen Leeb: “But as the yuan, in which oil will be a very big deal, becomes more used (in global transactions), you are going to see the yuan become more active in terms of trade, and the price of gold will have to be revalued higher and I think the price could go up very sharply.
And I think you are going to see this (trend) until there’s a recognition that (oil), gold, and the yuan are the new thing in the East. So this correction in the market is saying, ‘Goodbye US dollar.’
The dollar has rallied a little bit in the past couple of days but it is quite a bit lower and it will stay down. The dollar is likely to fall through the floor. And you are going to have…to see more here