Man Connected in China at Highest Levels Says Gold Headed to New All-Time High Despite Volatility

August 04, 2023

Today the man who is connected in China at the highest levels said that the price of gold is headed to new all-time highs from here, despite the ongoing volatility.

Gold is replacing the dollar

August 3 (King World News) – John Ing: It has been a jittery few months for investors as an ill wind not Canadian wildfire smoke, US heatwaves, or flash floods swept through financial market here, there and everywhere. The failure of a “too-big-to-fail” global bank and a few US institutions was one of the causes of the financial crisis this year. Another was the US debt ceiling ping-pong negotiations, which reduced investor confidence as Congress prevented a national default for an additional two years. With an agreement, the US Treasury embarked on a $1.1 trillion borrowing binge, which was made more challenging by China’s absence, which had previously been the main buyer. Following the spike in borrowing rates, yields increased in anticipation of the flow of debt, affecting the roughly 4,000 smaller regional banks now competing for limited depositors. Then, the Fed raised rates to levels unseen in 22 years. Also disregarded, the ratio of global gross debt to GDP is now 17% larger than it was just prior to the 2008 Lehman crisis according to the Institute of International Finance.