Unavoidable Debt Default? Dollar Faces Major Dump | The Gold Spot

In characteristic fashion, President Biden only briefly mentioned or completely avoided discussing some of the country’s biggest threats during his State of the Union address.

Currently, the country is facing a looming debt crisis, a devaluing dollar, and the rise of a formidable threat in China’s rapid growth.

As the debt ceiling draws closer, our fractured government remains in gridlock as either side refuses to nudge. Standing at an unbelievable $31 trillion, US debt casts a shadow of doubt over America’s ability to remain a dominant force in the world.

Countries around the world that rely on dollar stability for their economic strength are eagerly searching for alternatives as they see the US struggle with something as simple as bookkeeping.

This lack of confidence is the proverbial first domino that can lead to the complete collapse of the US dollar barring a major reversal in government policy.

At the same time, China is threatening to supplant the US dollar as the default world reserve currency with the rise of the Petroyuan.

Smart investors are shoring up their savings with gold, silver, and other precious metals in anticipation of a turbulent economy.

Watch this week’s The Gold Spot to hear Scottsdale Bullion & Coin Precious Metal Advisor Joe Elkjer and Sr. Advisor Damian White explain why the dollar’s dominance is waning and how investors can protect themselves. Watch Now!