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.
FILE PHOTO: A sales assistant displays a 1000 gram gold bar as an investment for a customer at Caibai Jewelry store, in Beijing, China, August 6, 2019. REUTERS/Jason Lee
The measures have helped to drive gold prices to more than seven-year-highs this month, while the dollar has been range-bound. Wang Zhenying, who heads the world’s largest physical spot gold exchange, said in an interview the gold gains should be sustained, but ultimately a new kind of currency was needed.
His comments on a new global currency echo a previous proposal to reform the international monetary system during the 2008/09 global financial crisis. Wang said the concept was still older. Indeed gold, one of the most ancient forms of money, falls into the category, but its supply is finite, limiting any role it can have in global trade.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Can gold love a coronavirus crisis?Gold loves a crisis, the old adage goes. And with prices up 13% this year to their highest since 2012 and many predicting further gains as investors search for safe places to put their money, it looks true for the coronavirus crisis so far.
Read more »
'QE4ever' will help drive stocks to new highs post-coronavirus crisis, long-time bull Ed Yardeni predicts'QE4ever' will help drive stocks to new highs post-coronavirus crisis, long-time bull Ed Yardeni predicts (via TradingNation)
Read more »
The 16 Best Met Gala Hair Accessories of All Time, From Subtle to SubversiveThe MetGala may be postponed indefinitely this year, but we’re marking the upcoming First Monday in May with a look back at the best hair accessories of all time from the 25 years of the event.
Read more »
UBS Profit Jumps in First QuarterUBS Group posted a sharp rise in first-quarter net profit as clients traded more in volatile markets and credit losses were relatively contained despite economic disruption from the coronavirus crisis.
Read more »
Census delay could put off new voting districts, primariesThe U.S. Census Bureau wants more time to wrap up the count because of the coronavirus, and that could delay drawing new legislative districts.
Read more »