The statement made by the chairman of the Shanghai Gold Exchange in 2014 anticipated a significant shift in the global gold market. At the time, the volume of contracts on the Shanghai Gold Exchange had been steadily increasing, indicating China's growing influence in the international gold market. This trend suggested that China was poised to assert its authority and reveal the true price of gold.

However, despite conventional wisdom suggesting otherwise, gold prices have risen recently. This surge in value has occurred despite factors such as a strong dollar and positive real returns. The price of gold has soared past $2400, reaching record highs, driven by increasing demand for safe-haven assets amidst geopolitical tensions and uncertain economic conditions.

One contributing factor to this upward trend in gold prices is the growing use of local currencies for trade settlements, with transactions often converted into gold on platforms like the Shanghai Gold Exchange. This shift from the dollar undermines its dominance as the world's reserve currency, as countries like Brazil and China opt to trade directly in their respective currencies.

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Credit: Kinesis Money
You need to protect your wealth NOW Feat. Andy Schectman - LFTV Ep 170
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