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US dollar denial
Posted by A. B. Dada on December 31st, 2005
Just noticed an article I missed a few days ago regarding Venezuela reducing their supply of US dollars in their reserves and their push for Euros.
When Iraq attempted this, the US attacked them — twice. When Iran and Syria threatened it, we ramped up attention to those States. I’m really interested in seeing what comes to Venezuela early in 2006 from their desire to reduce dollars. Venezuela is a large oil exporter, and the US has fought to keep the dollar the official trading element for oil, internationally.
A weakness in the dollar-oil bond could cause gold to appreciate quickly. One of my biggest recommendations for gold comes from the weakness of the dollar if oil would be for sale for any other currency.