Respected data analyst Luke Gromen recently told Kitco News that gold is becoming the “new reserve asset” and that US Treasuries will be “dumped” in the near future.
According to Gromen, the writing has been on the wall for decades, but only in the last two years has the culmination of our economic trajectory become clear.
“What Janet Yellen tells you, what Jake Sullivan tells you [National Security Adviser Jake Sullivan] is telling you, what the Department of Defense is telling you is that it's in the national security interest to get out of the Treasury export business and get back into the materiel export business,'' Gromen said. But we can't do that without a much weaker dollar, and the arbiter of that will be the price of gold. You're watching US Treasury Secretary Janet Yellen throw 40 years of economic orthodoxy in the trash.”
His projections, which have been among the most accurate for Treasuries, precious metals and cryptocurrencies, paint a bleak picture for the dollar, but a rosy one for those whose wealth is backed to some extent by the physical gold and silver.
Jonathan Rose, CEO of Genesis Gold Group, reacted to the price projections that Gromen has recorded as guidance. Specifically, Rose believes Gromen may be correct with its price target of $7,000-$15,000 per ounce.
“We've seen some 'pie-in-the-sky' projections lately that have gold and silver tenfold, but I'm hesitant to believe in such incredible gains,” Rose said. “Luke's targets of 2x to 5x are not only realistic, they could be right, especially if the BRICS nations continue their push to replace the US dollar.”
Genesis Gold Group, a faith-based company, specializes in helping Americans protect their wealth and retirement with physical precious metals. Theirs free and definitive gold guide it is being widely distributed, especially among those who are at or near retirement age.
Gromen believes that the dollar system is dying, but he does not believe that it will be completely usurped by the machinations of the BRICS. He believes that the US dollar will remain the world's reserve currency, but that it will be re-priced in the near future.
That puts physical precious metals in a strong position, according to Rose.
“Whether the US dollar is devalued or replaced entirely, most economists agree that the logical way to store wealth is in gold and silver,” he said. “We want to help Americans protect their money today, but more importantly, we want them to be prepared for the long term.”
Get the ultimate gold guide from Genesis Gold Group and see if they can help you find the financial “safe haven” of physical precious metals.
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