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‘The dollar is losing credibility’: why central banks are scrambling for gold (www.theguardian.com)

submitted 1 week ago by breakfastmtn@lemmy.ca to c/world@lemmy.world

56 comments fedilink hide all child comments

As Donald Trump shatters the global rules-based order, official institutions (and private investors) are scrambling to buy gold: the share of the asset in central banks’ reserves has doubled in the past decade to more than a quarter, the highest level in almost 30 years.

Although this partly reflects the soaring bullion price, experts say central banks are also stuffing their vaults as an insurance policy in a volatile world. Many are also rushing to repatriate gold stockpiles held overseas, and slashing their exposure to the US dollar.

“We have moved from Pax Americana to global discord, geopolitically. It is the law of the jungle when we see what the US are doing,” says Raphaël Gallardo, the chief economist at the asset manager Carmignac.

“Investors – private and sovereign – believe their strategic reserves are no longer safe in dollar terms, as they can be confiscated overnight. The dollar is losing the credibility as the nominal anchor of the global monetary system because the Fed is losing credibility, and US Congress is losing its credibility.”

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[–] D_C@sh.itjust.works 41 points 1 week ago* (last edited 1 week ago) (7 children)

The us has lost all credibility to me, and a lot of others here in the UK. Only the idiots, the corrupt, and the sycophants seem to still believe in it.

In 2015ish I was all "Hey, usa peeps. I require your TV entertainment. Your movies. And some of your fast foods. A bit of the Google, and a bit of the Amazon."
In 2016ish I was all "Are you seriously going to elect this idiot? Wow. Ok, usa peeps, I require your movies, a bit of Google and Amazon."
By 2019ish to 2023-24 I was all "Hey, usa peeps, I use Google when I have to but you shove everything else up your arse. Oh, and, FFS, jail that slimy child raping orange, traitorous, convicted criminal piece of shit. For god's sake. Christ!"
In 2025 I was all "ARE YOU FUCKING KIDDING, electing that kiddie fiddling thing for the first term was almost forgivable, almost. But you've got no excuse this time. None whatsofuckingever. I want nothing from you. NOTHING. Until you actually make the obese cunt feel consequences I want nothing. And if you don't do something then I'll remember what has happened for the rest of my life. And you'll never be forgiven. Ever."

I actively won't use anything from the us now.
And, you know what, by the many conversations I've had I'm not the only one who hates what's going on. I've only ever met one person who actually supports Donvict Drumpf here. And that person is the local towns' gossip hound and blatant racist...that everyone tries not to talk to.

[–] GMac@feddit.org 3 points 1 week ago

Completely agree and I'm on the same train. I boycott as much as I can from the USA.

When the rest of the world catches up, dumps us bonds, treasuries, stocks, and revokes ridiculous copyright protections that prevent repair or circumvention to disenshittify, then I'll be satisfied.

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