Tuesday, November 12, 2013

Chinese Yuan Will be the Dominate Currency Going Forward

“We’ve had so many false starts (and promises) -- ‘The economy is going to be great in 2010,’ and it’s not. ‘It’s going to be great in 2011, 2012, 2013,’ and it’s not. Now, they are already talking about it being ‘great in 2014.’ But we are actually regressing, even though they (central planners) don’t want to admit it, because the numbers are all manipulated in one way or another.

It will happen that gold will be accepted as the asset to back a (major) currency. And the currency with the most gold behind it, which I suspect is already the Chinese yuan, and growing rapidly, will be the dominant currency going forward. Of course this doesn’t portend well for all of the central planners currencies. They (the Chinese) are doing the smart thing by buying real physical assets. So I guess the best way of putting it is, just follow the Chinese, my friend, and you are going to be OK here.”

- Eric Sprott via a recent King World News interview: