The Big Red Question Mark
Aug 7th, 2008 | By Doug Casey | Category: US Dollar & Forex TradingThe IMF has been tracking the world’s foreign exchange currencies closely since the introduction of the Euro in 1999. Well, as closely as they can… China has always refused to provide a breakdown of the currency composition of their FX reserves. We believe there’s a lot of U.S. Dollars in that mysterious “Unallocated Reserves” category, perhaps as much as 80%, but no one can know for sure.
This chart should be disturbing to holders of U.S. Dollars for two reasons: one, under the cloak of “Unallocated Reserves,” China can begin getting out of the U.S. Dollar without any alarm bells going off; and two, the known reserves of U.S. Dollars as a percentage of the world’s total FX reserves are falling fast, dropping from over half to less than 40% in just ten years.
Source: The Big Red Question Mark
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.