US Dollar is Doomed | https://www.themorganreport.com
US Dollar is Doomed
Economic analyst and financial writer David Morgan went against the majority of financial gurus and predicted at the end of 2022 that there was no way the Fed was going to cut interest rates. He was 100% correct! Now, Morgan is, once again, going against the majority and doubling down on that prediction. One big reason the Fed is not about to lower interest rates is the news this week that United Arab Emirates (UAE) is no longer using the US dollar in oil trade. Morgan explains, “The US of A has lost its day in the sun. The US dollar is not only further in its demise on a longer-term basis, but it is being less and less trusted over the globe. When things do reset . . . the clout the US dollar enjoyed is no longer there. I am afraid that is the trend established by UAE saying we do not want to settle in US dollars for oil. . . . This is huge.”
Less demand for dollars means it will be harder to roll over the huge debt the US has for cheap Treasury rates. Morgan says, “Interest rates will have to go up to get more suckers to buy our debt. . . .If the world runs on dollars, and they don’t want to use the dollar anymore, it means the dollar is doomed.”
This brings us to the run to gold that Morgan says has already started. Morgan points out, “There is a run to gold . . . and I can prove it. You have never seen this amount of gold buying in 2022, and it’s carried into 2023 by central banks. What’s the old adage? He who has the gold makes the rules. Central banks have been buying gold at a rate that has not been seen in five decades. So, that shows you the run to gold has begun. This is the smart money moving into gold.”
Morgan sees gold making a new floor at $2,000 per ounce. Morgan also sees gold going up to $2,500 by the end of 2024 and even higher if things really go wrong for the US dollar. Morgan also thinks that silver will follow gold up and not lead this time around as it usually does. Morgan says silver could hit $50 per ounce by the end of 2024 if things get really ugly for the US dollar.
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