The eastern hemisphere Eurasian geopolitical economic bloc of countries led by China and Russia have been systematically reducing their usage in the U.S. dollar to settle bilateral trade activity: “In the first quarter of 2020, trade between Russia and China in dollars fell below 50 percent for the first time to 46 percent, a significant decrease from 75 percent in 2018.”
It also happens to be the case that the eastern bloc of countries, spear-headed by the Shanghai Cooperative Organization, which includes some key Middle Eastern countries as well as India, have been the source of the demand for physical gold over the last 10 years that is required to be delivered from vaults in London and that has prevented the western Central Bank cartel from preventing the gold price from rising.
The U.S. dollar is backed by the “full faith and credit” of a Government that is technically insolvent other than its ability to print currency to fund the Treasury’s enormous and rapidly growing spending deficit – a deficit that will climb rapidly over the next 12 months.
In short, the dollar is doomed. Here’s the rest of the report: