Gold is the only true measure of value in our growing multipolar world - Byron King ByronKing gold
- Gold may not fit the classic definition as a critical metal as only around 7% of global demand is used in industrial applications; however, according to one market analyst, it plays an essential role in society and financial markets.
"If you can't get inflation under control, you lose the ability to plan for the future. All projects require planning, whether you're going to remodel your kitchen, build a big office building, or even a bridge," he said."You can't properly plan a budget if you don't know what your currency is worth."
"Maybe 50% of global trade is settled with U.S. dollar, and maybe 25% is in yuan and maybe 10% in euros and the rest in seashells or something," he said."When everything is eventually settled up, gold might be the means by which they do the settling up." "China, with its gold purchases, is trying to tell the world: 'We are a, we are a reliable banker,'" he said. Whereas the United States, certainly in the last year, but over the last 15 years, perhaps has become an unreliable banker to the world."
King's inflation outlooks came before the U.S. Labor Department said on Tuesday its Consumer Price Index saw a 6.0% annual rise in February. At the same time, core inflation rose 5.5% for the year, well above the central bank's target of 2%.
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