LONDON, 3 June 2019 – Germany's international news service Deutsche Welle today quotes BullionVault analysis and comment in a report on Malaysia's Prime Minister Mahathir Mohamad calling for a new East Asian currency backed by gold.
"While Mahathir's latest call for some kind of gold backed payments system is more thoughtful and sincere than most such suggestions, it's more political than economic," DW quotes Adrian Ash, director of research at BullionVault.
"He has raised the idea of pegging currencies to gold — rather than to the Dollar, like he did to help Malaysia recover from the late 1990s' Asian Crisis — as a challenge to US hegemony."
This echoes other gold-hoarding nations from Russia to Venezuela and previously Gaddafi's Libya, says Adrian, speaking to the German government-funded news service from BullionVault's offices in London.
"These countries face sanctions or attack by the US. Moving to gold is a way of moving outside Washington's influence, because you fear it will dislike your policies and act against you."
Read the full story on DW.com here: