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« I told you investing in bitcoin was a bad idea | Main | Paul Craig Roberts – You Won’t Believe What Is Happening In The U.S. »
Thursday
Mar222018

How China Just 'Reset' the Global Monetary System With Gold

China is taking the next big step towards dethroning the dollar’s place as the number one reserve currency around the world. But the strategy behind this big move could send gold soaring.

International oil trade is the crux of the issue. For decades, the world’s largest oil importers have paid for oil using the petrodollar, which supports the dollar’s value and fuels U.S. government deficit spending (primarily because the petrodollar is backed by Treasuries).

But now, China is looking to upset the current petrodollar system by introducing gold-backed “petroyuan” oil futures contracts. And since China is the largest importer of oil globally, this massive shift away from the petrodollar could be bad news for the U.S. But it could be great news for gold owners. Here’s why…

Building the Petroyuan

In June, China took the first step towards overturning the petrodollar by establishing a direct-trade relationship with Russia allowing for oil purchases to be made strictly in yuan. And just like that, the petroyuan was born.

Not long after China’s new deal with Russia, Chinese officials began negotiations for a similar agreement with Saudi Arabia. But the discussion didn’t flow as smoothly as it did with Russia.

That’s why China is taking things one step further with these new gold-backed futures contracts...

Gold Solves Petroyuan Concerns

Russia welcomed the petroyuan with open arms......

more.......


As we write the Dollar is falling and gold has gained about $11.00 in the southern Hemisphere....

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