from Dollar Collapse
The shockwaves are still being felt by the incredible Western sanctions that have rendered the $630 billion in reserves the Russian central bank accumulated virtually unusable. Can the current dollar-centered global financial system last if money can be summarily canceled?
Arthur Hayes, a former emerging markets trader and co-founder of the BitMEX trading platform, argues central banks will choose, instead of dollars, to load up on either gold, storable grains like wheat, or storable commodities like oil and copper. “In essence, the largest surplus countries’ fiat currencies will implicitly grow their gold or commodity backing,” he writes, saying gold could rise beyond $10,000 per ounce.