Mark Moss argues the dollar isn't actually losing ground. IMF data shows the dollar's share of global reserves has risen to about 57% and keeps climbing, even as some countries buy more gold. The shift toward gold doesn't mean de-dollarization is happening.
Moving gold and de-dollarization away from dollars are not necessarily the same thing. They're not mutually exclusive. This is from the IMF data. And what the IMF shows here is the currency composition of official foreign exchange reserves. So if the dollar is the reserve currency of the world, meaning countries are holding the dollars in order to trade with each other, are they really de-dollarizing? Are they really getting out of their dollars? Or are they just shifting the reserve balances? This is a key piece. What we can see here is that the share of dollars in foreign currency reserves have actually been going up, not down. This doesn't mean that the US dollar is dying. We can see that 57% of global foreign currency exchange is still in US dollars. As I said, that number is going up. Gold bugs are in disbelief.
