Tags: Dollar | Lose | Reserve | Currency | Status

Central Bankers: Dollar Will Lose Global Reserve Currency Status

Tuesday, 28 Jun 2011 10:03 AM

The U.S. dollar is poised to lose its status as the global reserve currency during the next 25 years, according to a UBS survey of central bank reserve managers.

“Right now there is great concern out there around the financial trajectory that the US is on,” said Larry Hatheway, chief economist at UBS, told the Financial Times, because the dollar has dropped 5 percent so far this year, and is trading close to its lowest ever level against a basket of the world’s major currencies.

This survey stands in sharp contrast to those conducted in previous years, in which the central bank reserve managers said the dollar would retain its status as the sole reserve currency.

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(Getty Images photo)
UBS queried more than 80 central bank reserve managers, sovereign wealth funds and multilateral institutions. The results pf the survey weren't weighted for assets under management.

The poll findings also indicate a growing role for gold bullion, with 6 percent of those surveyed saying the biggest change in their reserves during the next decade would be adding more gold.

This also contrasts with polls done in previous years, in which none of those surveyed indicated making significant sales of gold in the next decade.

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The Casper Journal reports that Evolving Gold, a U.S. mining company with claims on some 14,000 acres in Wyoming, has drilled some 154 test holes over the past three years, ranging in length from 800 feet to 3,000 feet, as they attempt to determine the size and shape of a gold deposit that a Bureau of Land Management geologist has said is clearly there.

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The U.S. dollar is poised to lose its status as the global reserve currency during the next 25 years, according to a UBS survey of central bank reserve managers. Right now there is great concern out there around the financial trajectory that the US is on, said Larry...
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2011-03-28
Tuesday, 28 Jun 2011 10:03 AM
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