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Gold $1250.1 -0.3
Silver $14.67 0.01
Talk to a representative: 855-242-4121


This Week's Touchpoint

Weekly Touchpoint: Cryptocurrency and the U.S. Dollar

Investors Can Prepare for the Worst.

Efforts are heating up to remove the U.S. dollar as the world’s principal medium of international exchange. It’s no secret chief U.S adversaries such as China and Russia are moving full steam ahead in their attempt to dump the dollar. But it’s worth noting other nations, including Turkey, are now on board with toppling the greenback from its lofty perch.

  • Using cryptocurrency to settle international transactions may be the next step in the global effort to knock the dollar off its pedestal. Fox News is reporting that Iran, North Korea, Russia and Venezuela are pursuing advances in crypto technology specifically to get out from underneath the thumb of the U.S. dollar – and U.S. sanctions. Crypto expert Darren Parkin told Fox if other nations opt for cryptocurrency over fiat U.S. currency, they will fall “below the radar of what the U.S. can see.”

  • Turkey looks to be moving away from the dollar, as well. Sputnik News reports on a recent meeting between Turkish Foreign Trade Minister Mevlut Cavusoglu and Venezuela’s Minister of Foreign Affairs Jorge Arreaza in which Cavusoglu declared his nation’s preference to use “local currencies” to settle international trades. “We are so keen actually to use local currencies in our bilateral trade, not only between Turkey and Venezuela but also between Turkey and other countries,” said Cavusoglu.

  • What’s keeping the global economy upright these days? According to Richard Kozul-Wright, a director at the United Nations, it’s nothing more than debt and injections of liquidity from the central banks. In an ominous piece for Project Syndicate, Kozul-Wright explains why, although the global economy appears to have recovered from the 2008 financial crisis, the reality is that “the only direction left to go is down.”

  • If the U.S. defaults on its national debt, the consequences could be catastrophic. Even before that happens, however, the debt could prove dire in other ways. One expert says the servicing of the debt is becoming so expensive it could force the underfunding of national defense. And that would greatly increase geopolitical instability. The foreboding prospect of all-out war is one more reason to protect your portfolio from the massive national debt. For more information, read the latest blog article from Augusta.

The list of nations seeking ways to work around the U.S. dollar is constantly growing. Whether they use cryptocurrency or other methods of circumventing the dollar, it could be just a matter of time before the U.S. dollar is so thoroughly marginalized that paper assets are devastated. Now is the time to add resilience to your own portfolio, including your IRA and 401(k), by adding physical gold and silver. For more information about the powerful benefits of precious metals, call Augusta Precious Metals at 855-242-4121 or visit Augustapreciousmetals.com.

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Michael Dallo, CPA, JD, LL.M. is a tax attorney and certified public accountant (CPA) of Dallo Law Group, a Professional Corporation. For over 10 years, Michael has zealously represented hundreds of clients in resolving tax disputes with the Internal Revenue Service and California taxing agencies, as well as developing sound tax positions and arguments to minimize their federal and state tax liability.