Ditch the Dollar, Buy Gold and Other Currencies: JP Morgan

Kitco-- "Investors should diversify away from the U.S. dollar and increase their exposure to other major currencies and gold, according to a report from JP Morgan. In a recent market note, the bank stated that it sees the U.S. dollar losing its status as the world's dominant currency, and consequently depreciating in value. 'There is nothing to suggest the dollar dominance should remain in perpetuity,' the note said. 'In fact, the dominant international currency has changed many times throughout history going back thousands of years as the world's economic center has shifted.'....'Of the estimated $30 trillion in middle-class consumption growth between 2015 and 2030, only $1 trillion is expected to come from today's Western economies,' Cohen said....'In currency space, this means the USD will likely lose value compared to a basket of other currencies, including precious commodities like gold.' Recent data on currency reserve holdings revealed that central banks were increasingly diversifying away from the U.S. dollar, increasing their gold reserves at a record pace while also selling their dollars and buying euros, Cohen pointed out."