Gold backed Yuan will dilute USD Petrodollar

[rogblack]

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

 

[traderxxx]

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

 

[pixel]

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

 

[traderxxx]

thanks for the links pixel.

 

[So_Cynical]

The rise and rise of China.

 

[Telamelo]

" 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

 

[qldfrog]

" 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

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

 

[divs4ever]

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

 

[noirua]

Saudi Arabia ends petrodollar agreement: What it means for the USD, Bitcoin, and gold

The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.

kitco.com

 

[Garpal Gumnut]

Saudi Arabia ends petrodollar agreement: What it means for the USD, Bitcoin, and gold

The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.

kitco.com

That is a very interesting article and variations have been flying about since early April. It would appear that we are seeing peak Saudi influence and wealth. The country with more princes and godbotherers than indigenous workers appears to have trouble paying their debt when and as they become due.

It is still a hypothetical as to whether the Saudis will leave the teat of Uncle Sam for the unknown of Russia, China and the rest of the BRICS menagerie.

Anyways, it will be good for Gold and BTC.

gg