From ETF Daily News
By John Rubino
''Categorizing Canadian and Australian dollars as reserve currencies
makes sense when you view those countries in terms of gold, oil,
sunshine and other resources per citizen. By that measure, each
Canadian and Australian dollar is backed by a lot more real value than
are the currencies of the paper-dependent societies like the US, Europe
and Japan. If, as seems likely, we’re in the early stages of a shift
away from financial assets and towards real things, the relative
strength, and currency exchange rates, of the better-run resource-based
economies will keep improving, making their currencies less risky and
more profitable investments.
Note that the Chinese renminbi (aka the yuan) and Singapore dollar
aren’t on the list. But they will be soon, with China now the second
biggest economy (and an aggressive importer of gold) and Singapore
becoming the preferred destination of global savings (especially gold
storage) now that Switzerland has been cracked by the IRS and other tax
authorities.''
read more
No comments:
Post a Comment