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WARNING!!!: "the USD is due to take a 30% hit in its value against the basket of currencies on Monday"

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ymoilman2



WARNING!!!:
the USD is due to take a 30% hit in its value against the basket of currencies on Monday.

Based on multiple reports, it appears that Treasury Secretary Jack Lew will be making an announcement either late Sunday or early Monday concerning the new "gold-backed" USD.

Unless I miss my guess, the focus of this announcement will be on the asset-backing of the USD with a heavy focus on gold despite the fact that our new dollar will only be fractionally backed by gold.

Much, if not most, of the backing will be in the form of other metals, minerals and natural resources such as oil and natural gas; and this will be pursuant to an announcement made by Christine Lagarde at the IMF a few weeks ago in which she noted that countries could use in-ground reserves of natural resources, along with gold, silver, platinum and other precious metals as the asset-support for their currencies.

I will be surprised if there is any mention of the fact that the USD is due to take a 30% hit in its value against the basket of currencies on Monday.

This devaluation has already been being factored in by other countries, and most of you (I'm sure) have already seen and experienced this factoring-in when you have gone to the grocery store or purchased goods manufactured or imported from other countries.


In any case, prepare to see an increase in the weeks to come in the cost of goods purchased from other countries -- especially those countries whose currencies have revalued against the USD.

My personal assessment (as well as that of a number of economists) is that the sudden 30% hit against the USD will cause investors who are holding USD-denominated assets (such as treasuries and bonds) to dump those assets, further devaluing the US Dollar.

That could result in an additional loss of 20% or more before the panic subsides and folks regain their confidence in the dollar. If you have the ability to do so, watch for the USD to bottom out and then re-invest in it. You could do quite well for yourself.

That said, I continue to encourage folks to hold onto as much of your IQD as possible until we see where this devaluation shakes out and where the IQD, the VND and the IDR stand against the USD.

The IQD is the only fully gold-backed currency in the world. It will hold its own against the dollar, and increase as the dollar drops.

That's my nickel's worth for the day.

Blessings on you.

Eagle1


Posted by John MacHaffie at 11:13 PM

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