Manage episode 371886124 series 3378373
The U.S. dollar has been under attack this year as foreign adversaries have shifted away from the currency in an effort to unseat the dollar's status as the world's reserve currency. Today, Daniela sat down with Lynette Zang, chief market analyst for ITM Trading. Lynette argues that the U.S. dollar is on a path toward losing its status as the king of global currencies. She says, "There is absolutely zero doubt in my mind that the U.S. dollar is losing its position as the world's reserve currency, but I don't really think that it will be a BRICS currency, any individual country, or a smaller group of countries that would take over that role.” Lynette also believes a recession is inevitable as the impact of the Fed's aggressive rate-hike policy gradually sets into the economy.
"We are just now starting to experience the lag effects of those rapid rate rises that came in 2022 through Q1 2023. We haven't yet fully felt the impact,” she asserts. Lynette concludes by encouraging investors to explore the precious metals space in order to uncover safe-have assets. "There are opportunities, but you need to be in the right place at the right time holding the right asset so you can have that wealth transfer your way for a change,” she explains.
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