# Gold backed Yuan will dilute USD Petrodollar



## rogblack (9 September 2017)

For gold traders. We are in a new world as of this week. China is the world's biggest oil importer. As Trump threatens China's trade with the US China enters a new contract to pay for oil with a gold backed Yuan. This will circumvent the use of the USD (the petrodollar since 1973) from an oil delivery from say Russia. What is the likely impact on the USD and Gold? An inverse price reaction. The USD will likely weaken (this week hit .91) and gold will continue to increase. It is also interesting to note that the .91 level reached this weekly has broken a monthly fib support for the USD index.
https://www.youtube.com/watch?v=Lk10QHXKYnU


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## traderxxx (9 September 2017)

so is there anywhere one can track decent gold charts for free ???


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## pixel (10 September 2017)

traderxxx said:


> so is there anywhere one can track decent gold charts for free ???



http://www.kitco.com/charts/techcharts_gold.html
or
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=GOLD&insttype=Future


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## traderxxx (12 September 2017)

thanks for the links  pixel.


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## So_Cynical (14 September 2017)

The rise and rise of China.


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## Telamelo (4 March 2022)

" Some years ago, China set up an oil commodity contract that trades in China and settles in yuan.

The Chinese are just as keen to dethrone the US dollar banking system as Russia is.

China knows that the yuan is not particularly useful internationally.

Therefore, a condition of that oil contract is that payment can be converted from yuan into gold.
Hey presto!

Russia could sell oil in China today, get paid in gold, and bypass the US dollar and US sanctions completely.

Such an outcome would legitimise gold in a way not seen for years, even decades perhaps.

Gold is not just rising in US dollars but also rising in other currencies ".

*Above excerpt from "The Insider" newsletter


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## qldfrog (4 March 2022)

Telamelo said:


> " Some years ago, China set up an oil commodity contract that trades in China and settles in yuan.
> 
> The Chinese are just as keen to dethrone the US dollar banking system as Russia is.
> 
> ...



Great to see some of my opinions shared. Russia and China did not go heavy gold for nothing.
The wheel is turning in my opinion, and we are all blissfully unaware


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## divs4ever (4 March 2022)

now as i see it the interesting twist is China does NOT want to have the reserve currency  , sure it would accept a strong , influential ranking  ( as proposed in the BRICS concept )

 but i think China sees the flaws  in being the benchmark  currency  ( although it MIGHT change it's mind  if a Central Bank digital currency comes into an effective currency   .. the lure of near infinite control will be very powerful , indeed  )

 but remember over the millennia  other commodities as well as gold has been used  silver , salt , diamonds , pearls etc etc


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