We’re Going To Step On A Mine Before End Of 2015 – James Turk
Renowned Precious metals expert James Turk thinks this fall is going to be trouble for the U.S. dollar. Turk explains, "I think that is the time frame we should be looking for, and there are a couple of reasons for this
Renowned Precious metals expert James Turk thinks this fall is going to be trouble for the U.S. dollar. Turk explains, "I think that is the time frame we should be looking for, and there are a couple of reasons for this. Every five years, the International Monetary Fund recalculates the "Special Drawing Rights," the SDR. . .
The Chinese have been quite clear over the last five years that they want to be included in the SDR when the next rewriting comes, and the next recalculation is scheduled for September and October. So, it's quite possible that China doesn't come away with what it thinks it deserves . . . it may move further away from western institutions and create other Asian institutions like the AIIB (Asian Infrastructure Investment Bank) and bring this to fruition much quicker than would be the case.
So, I would agree the September, October, November time frame is going to be critically important this year. If the wrong moves are made by the U.S. government, I think the dollar could fall substantially. . . .
I think we are going to step on a mine before the end of this year."
Turk goes on to say, "Remember that the dollar has only risen because people around the world perceive it as the best option of a lot of poor choices. In other words, people are moving out of the euro, and moving out of other weak currencies, in an emotional kneejerk reaction into the dollar. They are not moving into the dollar because of any fundamental strengths. The problems of the U.S. are still quite severe, particularly the debt problem and government spending out of control. Things tend to rise and things tend to fall, and I wouldn't be surprised to get a big drop in the dollar before the end of the year."
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