Mundell has come out in support of gold and the yuan being part of the new reserve currency SDR which has been spoken of recently.

Gartman:

Concerning gold, it is rebounding from the massive sell

off late last week and earlier this. Having fallen in a

straight line from $932 to $865 in the course of only

four sessions, a bounce is reasonable and to be

expected. Volume on the rally is modest however, and

if we must predicate this bounce on some fundamental

news let’s refer to the comments above by Dr. Mundell

regarding the composition of the SDR. Having

advocated including the Yuan into the mix, and having

said that Sterling’s role in the SDR either be reduce

from 11% to 5% or perhaps even taking it to 0%, he

also suggested that gold be included in the new mix to

be established early next year by the IMF. Noting that

gold may be considered a hedge against inflation, Dr.

Mundell suggested that gold should be a small,

inflation-hedge component of the SDR. No one else of

high global economic stature has joined him in this

position… yet.