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Gold Clinging To $1200 For Dear Life As The Fiat Currency Crisis Goes Global

Summary:
We have been talking about the currency crisis and currency wars that have been gripping various parts of the world. Namely the South American countries of Argentina and Venezuela have seen their share of currency turmoil. Well now, we’re not just isolated to South America as the currency crisis spreads. First, not necessarily “crisis”, but devaluation, is the Chinese yuan. The overwhelming belief is that the Chinese are devaluing the yuan as a weapon in the trade war: There has also been plenty of talk about the yuan peg to gold, as in gold in dollars is moving with the dollar price of the yuan, tick for tick. The yuan is taking a backseat, at least for now, however. That is because Turkey is the latest nation to see its currency in utter crisis. The move is rather

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We have been talking about the currency crisis and currency wars that have been gripping various parts of the world.

Namely the South American countries of Argentina and Venezuela have seen their share of currency turmoil.

Well now, we’re not just isolated to South America as the currency crisis spreads.

First, not necessarily “crisis”, but devaluation, is the Chinese yuan.

The overwhelming belief is that the Chinese are devaluing the yuan as a weapon in the trade war:

Gold Clinging To $1200 For Dear Life As The Fiat Currency Crisis Goes Global

There has also been plenty of talk about the yuan peg to gold, as in gold in dollars is moving with the dollar price of the yuan, tick for tick.

The yuan is taking a backseat, at least for now, however.

That is because Turkey is the latest nation to see its currency in utter crisis.

The move is rather parabolic:

Gold Clinging To $1200 For Dear Life As The Fiat Currency Crisis Goes Global

That’s nearly 200 points in the move since last Thursday to Monday morning, from 5.27 to 7.12.

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