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China Taking Steps to Accelerate Replacement of U.S. Dollar

April 28, 2025

from King World News

As we near the end of trading in April, China is taking steps to accelerate the replacement of the US dollar.

[…] April 26 (King World News) – Alasdair Macleod: Not only has the US dollar embarked on a new bear market versus currencies, but the best way to play it is by selling dollars for gold. PBOC actions appear to confirm this view.

[…] After gold’s dramatic run to $3500 on Tuesday, gold has backed off on profit-taking. This morning in European trade gold was $3300, down a net $25 from last Friday’s close and up 27% this year so far. Silver was $33.35, up 85 cents from last Friday and up 15% this year so far.

Early markdowns in both metals this morning coincide with China winding down for its weekend. Understandably, the shorts are grabbing the opportunity to shake out any flaky longs by triggering their stop-losses. But both metals are far from overbought on Comex, and gold’s open interest is not too far from rock bottom:

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