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‘De-dollarized’ USD Still King

Founder & Editor @
September 1, 2023

USD is king of a shabby realm (of global currencies), but it reigns nonetheless

It’s still Uncle Buck and then everybody else in the fiat debt paper world.

You can tell that is true by how the world quakes when he shakes. The US dollar is the anti-market to risk ‘on’ speculation, mainly in the areas of commodities, resources, materials and other cyclicals, emerging markets, etc.

“De-dollarization” is a promotion. That holds true no matter its prospects for actually happening are in the future. It is a promotion because it is currently wrong, it is emotional and it makes a great story. BRICS with a gold backed currency to dethrone Uncle Buck. Yes, but not yet.

So back here in the land where we wish to deal with reality, USD is bouncing from the 200 day moving average and precious metals (on this cycle part of the broad anti-USD play), commodities, EM, etc. are having some trouble today. But the way TA and markets work, USD always was going to try to find support at such a closely watched moving average and associated lateral support.

So the chart continues to ask its question about whether the recent overthrow to the upside is a bookend bull trap to the July bear trap that launched the rally (right on the cue of this now public NFTRH+ subscriber update). Markets will be very interested in that answer coming from the most important debt backed currency in the world.

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Gary Tanashian is founder and editor of the popular Notes from the Rabbit Hole (NFTRH). Gary successfully owned and operated a progressive medical component manufacturing company for 21 years, keeping the company’s fundamentals in alignment with global economic realities through various economic cycles. The natural progression from this experience is an understanding of and appreciation for global macro-economics as it relates to individual markets and sectors.

One cubic foot of gold weighs more than half a ton (1,306 pounds).
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