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Peter Schiff Warns Americans to Buy Gold as China’s Gold-Backed Yuan Threatens to Collapse the U.S. Dollar

by Daniel Barker, Natural News:

Over the past nine months the dollar has been strengthening steadily, reaching its highest level against the euro in a dozen years. Although there are many who interpret this as a signal of a recovering economy and evidence of the dollar’s continued stability among world currencies, there are others who do not share such an optimistic view.

At least one expert is warning that the strengthening of the dollar is merely “temporary,” and that the seeming recovery is an illusion preceding an inevitable crash.

Peter Schiff, the CEO of EuroPacific Capital, has maintained all along that there has been no real recovery and that the fed will not raise interest rates in the near future, contrary to common wisdom.

In a recent interview with Yahoo Finance’s Aaron Task, Schiff said:

“I’m surprised it’s rallied this much but that doesn’t mean it’s permanent. When traders wake up to reality and realize how wrong these [bullish dollar] bets are, they’re going to unwind these trades and the dollar is going to unwind quickly.”

Schiff believes that gold is one of the safest ways to “preserve your wealth.” He maintains that “people are going to turn to gold in a big way, all around the world.”

‘Global de-dollarization’ is on the way

Schiff is not the only financial expert who believes the end of the dollar’s solvency is near. According to strategic risk consultant F. William Engdahl, backing the ruble and the yuan with gold could trigger a “snowball exit” from the U.S. dollar.

In a Sputnik News article, Engdahl points out the irony in the fact that “the central banks of China, Russia, Brazil and other countries ‘diametrically opposed’ to US foreign policy course are forced to stockpile dollars in the form of ‘safe’ US Treasury debt in order to protect their economies.”

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1 comment to Peter Schiff Warns Americans to Buy Gold as China’s Gold-Backed Yuan Threatens to Collapse the U.S. Dollar

  • Rodster

    There will be NO gold backed Yuan. But then again China might be dumb enough to create a gold backed currency. No gold backed currency can support the current economic system we have and TPTB will see to it that it stays that way.

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