U.S. Stocks, Dollar Decline on China Calls for World Currency

Currencies / US Dollar
Jun 26, 2009 - 11:42 AM

By: GoldCore

The People’s Bank of China report is very significant news for the international monetary system and for the gold market. Their call for a new global reserve currency or super sovereign currency will likely lead to further pressure on the dollar. Despite gold having risen and then fallen in value today, the news is another bullish factor supporting higher gold prices in the medium term.



Especially in the light of the comments from the senior researcher in the ruling Communist Party yesterday. Mr Li Lianzhong, a senior Communist Party official said that “the US is printing dollars on a massive scale, and in view of that trend, according to the laws of economics, there is no doubt that the dollar will fall. He continued saying thatâ€