If China Backs Its Currency with Gold, It Could Have Profound Effects for Investors … and Consumers
Larry Edelson – - writes today:
I know for a fact that Beijing wants its yuan to eventually become a gold-backed currency, much like the Swiss franc was originally. Backing the yuan with some gold will certainly help it become a major international currency.
Edelson is a financial adviser who travels frequently to Asia, a former high-volume gold trader who is interviewed a lot in the mainstream financial media.
I have no idea whether Edelson is right or not. But he’s not the first to make the claim.
Doug Casey says that if one country – such as China – switches to a gold-backed currency, the dollar will be toast: