Monica Crowley: It's really hard to overstate exactly how catastrophic the abandonment of the U.S. dollar would be as the world's global reserve currency. Look, since the end of World War II, the dollar has been the safe place to go, and it's been backed up by a couple of things. It originally was backed up by gold, but President Nixon took us off the Gold Standard, so there's no hard asset backing up the dollar anymore for the last 50 years, but also it's been backed up by the strength and economic power of the United States and the fact that oil has always been traded in dollars. If that were to end, that would mean the end of the U.S. dollar. If Saudi Arabia decides to join with America's enemies here and start trading oil in different currencies, that is going to undermine the entire global economic system. And here at home, you know what it's going to mean for us? It's going to mean raging inflation, so much worse than anything we have ever experienced.
Money Metals Exchange and its staff do not act as personal investment advisors for any specific individual. Nor do we advocate the purchase or sale of any regulated security listed on any exchange for any specific individual. Readers and customers should be aware that, although our track record is excellent, investment markets have inherent risks and there can be no guarantee of future profits. Likewise, our past performance does not assure the same future. You are responsible for your investment decisions, and they should be made in consultation with your own advisors. By purchasing through Money Metals, you understand our company not responsible for any losses caused by your investment decisions, nor do we have any claim to any market gains you may enjoy. This Website is provided “as is,” and Money Metals disclaims all warranties (express or implied) and any and all responsibility or liability for the accuracy, legality, reliability, or availability of any content on the Website.
Recommended Content
Editors’ Picks
EUR/USD consolidates losses above 1.0800

EUR/USD bottomed on Monday at 1.0803, the lowest level in three days. The pair is consolidating recent losses, hovering around 1.0820 amid a stronger US Dollar supported by higher US yields. Market participants await key US labor market data.
AUD/USD extends slide to 0.6600 ahead of the RBA Premium

The sharp reversal of the AUD/USD pair continued during the American session and it dropped toward 0.6600. The pair remains under pressure ahead of the Reserve Bank of Australia meeting.
Gold to remain volatile, with risks of extending pullbacks Premium

Gold price staged a deep correction from the record top it set near $2,150 and declined below $2,050. Recovering US Treasury bond yields and risk aversion help the USD find demand and make it difficult for XAU/USD to shake off the selling pressure.
Ethereum Price Prediction: ETH attempts to flip $2,300 into support

Ethereum (ETH) price has been consolidating within an ascending parallel channel since the broader market turned bullish around October 18, pushing north with key drivers including speculation of spot Ether exchange-traded funds (ETFs) launching in the market.
S&P 500 Forecast: Index falls on Monday as Treasury yields rise after five weeks of gains

The S&P 500 index opened lower on Monday following five straight weeks of gains. The index sits just shy of the yearly high at 4,607, and while gains have become lighter in the last two weeks, it still seems possible that the S&P 500 will mark a new annual high before the year is out.