Gold will play a big role in the coming global 'monetary reset

8.17.22 - Profession Can Predict Your Politics

Gold last traded at $1,765 an ounce. Silver at $19.87 an ounce.

NEWS SUMMARY: Precious metal prices softened Wednesday on upbeat retail data and a firmer dollar. U.S. stocks retreated amid a fresh batch of retail earnings.

Kitco--"A global monetary reset is inevitable, as fiat currencies are being debased due to excessive money printing.The U.S. dollar will be dethroned as the dominant global reserve currency by currencies backed by a basket of commodities including gold, according to Maxime Bernier, Founder and Leader of The People's Party of Canada.

'A commodity-backed money system will happen,' he stated. 'I don't know when, but a fiat money system cannot live too long. And after many decades, with all this debt and money printing across America and Canada and Europe, it will have to end.'

'We need to tell central bankers to have an inflation target of zero,' he said. 'After that, I believe we need to have a monetary reset internationally, having money that will be based on gold or other commodities, like we had in the 19th Century,' said Bernier.

Bernier, a former minister from 2006 to 2015 under Prime Minister Stephen Harper, said that excess money printing and rising federal debt burdens had led to high inflation in Canada. Canada's inflation rate stands at 8.1 percent in June.

'We have inflation because of bad monetary policy,' he explained. 'We need to balance the budget. We need to stop spending money we don't have.'"