It certainly appears that central bank controlled digital currency is gaining even more popularity.
These “Fedcoins,” according to The Economist, “are a new incarnation of money. They promise to make finance work better but also to shift power from individuals to the state, alter geopolitics and change how capital is allocated.”
The same piece also reveals the increased level of support for digital money: “Over 50 monetary authorities, representing the bulk of global GDP, are exploring digital currencies.”
But perhaps more importantly, “Fedcoins” could signal the beginning of an abandonment of the U.S. dollar, as The Economist highlights:
They could alter geopolitics, too, by providing a conduit for cross-border payments and alternatives to the dollar, the world’s reserve currency and a linchpin of American influence.
The dollar is still weakening, inflation keeps rising, and now the trade deficit is surging to record levels (again).
Perhaps market fundamentals are beginning to overtake media hype. If that’s what is happening, this “trifecta” of economic signals could make saving for retirement even more of a challenge in 2021.
Coming in third place: record-shattering trade deficit
To examine why this “trifecta” could do that, let’s start with the
record trade deficit.
The balance of trade measures the dollars America sends overseas to pay for foreign goods and services, compared to the dollars flowing into America in exchange for U.S. goods and services.
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Silver Institute: Silver demand will climb to its highest since 2015 this year
In a joint report published on Thursday, The Silver Institute and precious metals consultancy Metals Focus said that silver demand this year should climb to its highest level since 2015. The report comes after investors brought silver prices to a seven-year high last year in a rush to safety even as the manufacturing sector slumped.
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Chinese imports of gold to explode to over 150 tons between April and May
According to a Reuters exclusive, China is looking to get back on track in terms of gold imports, and in stupendous fashion. Currently, Chinese customs data shows imports of around 10 tons of gold, or $600 million, monthly over the past year. This is a significant decrease compared to 2019, when China imported roughly 75 tons, or $3.5 billion, each month.