Dollar’s year of living dangerously awaits

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Dollar’s year of living dangerously awaits

Dollar’s year of living dangerously awaits


Central banks around the globe are ending 2021 with the highest gold holdings in 31 years.

Yet the real story as monetary authorities recalibrate foreign-exchange reserve holdings is how the US dollar is on the losing end of these shifts. And in the year ahead, this trend could become a systemic problem.

True, the dollar’s value versus gold has been falling for more than a decade now. That’s a product of ultraloose Federal Reserve policies flooding the globe with record liquidity. Now, even as the Fed moves to tighten the credit spigot a bit, other monetary powers are pivoting to gold.


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