GOLD to shine with the Death of the Petrodollar !

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GOLD to shine with the Death of the Petrodollar !

Post  nero_design on Fri Oct 13, 2017 2:05 am



Death of the petrodollar: China will 'compel' Saudi Arabia to trade oil in yuan, and the rest of the oil market is likely to follow suit and abandon the U.S. dollar as the world’s reserve currency

BREAKING NEWS: China will 'compel' Saudi Arabia to trade oil in yuan — and that's going to affect the US dollar

[See video: in article link below]

"I believe that yuan pricing of oil is coming and as soon as the Saudis move to accept it — as the Chinese will compel them to do — then the rest of the oil market will move along with them," Carl Weinberg, chief economist and managing director at High Frequency Economics, told CNBC  

* In recent years, several nations opposed to the dollar being the world's reserve currency have progressively sought to try and abandon it
   
* OPEC kingpin Saudi Arabia is at the crux of the petrodollar

China will "compel" Saudi Arabia to trade oil in yuan and, when this happens, the rest of the oil market will follow suit and abandon the U.S. dollar as the world's reserve currency, a leading economist told CNBC on Monday. Carl Weinberg, chief economist and managing director at High Frequency Economics, said Beijing stands to become the most dominant global player in oil demand since China usurped the U.S. as the "biggest oil importer on the planet."

Saudi Arabia has "to pay attention to this because even as much as one or two years from now, Chinese demand will dwarf U.S. demand," Weinberg said.

"I believe that yuan pricing of oil is coming and as soon as the Saudis move to accept it — as the Chinese will compel them to do — then the rest of the oil market will move along with them."

When asked what it could mean for the dollar should the oil market move oil trade out of the U.S. currency and into the yuan, Weinberg said the world's transaction currency would suffer "lesser demand for U.S. securities across the board."

"Moving oil trade out of dollars into yuan will take right now between $600 billion and $800 billion worth of transactions out of the dollar… (That) means a stronger demand for things in China, whether it's securities or whether it's goods and services. It is a growth plus for China and that's why they want this to happen."

In recent years, several nations opposed to the dollar being the world's reserve currency have progressively sought to try and abandon it.  For instance, Russia and China have sought to operate in a non-dollar environment when trading oil. Both countries have also increased their efforts to mine and acquire physical gold if, or perhaps when, the dollar collapses.

https://www.cnbc.com/2017/10/11/china-will-compel-saudi-arabia-to-trade-oil-in-yuan--and-thats-going-to-affect-the-us-dollar.html
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The USA abandoned the Gold Standard in 1971 (where every dollar and bond was backed by stockpiled gold) and sold their GOLD to China... who have been hoarding it for more than 10 years now. With US gold reserves allegedly pilfered by the Clinton Administration (and others before them), China is now backing their YUAN with the gold they bought from America in recent years.

America abandoned the Gold Standard (where all cash and bonds were backed with physical gold held in the US Reserves) back in 1971.  Australia sold off most of its gold to repay debts just recently.  China has begged the Saudis to accept the Yuan for years as the new world currency.  But the US pressured other nations to petition against doing this.  China, in the meantime, has been buying gold like there's no tomorrow.   And they've been stockpiling it for this very reason....



RELATED ARTICLES:

http://www.abc.net.au/news/rural/2017-08-07/chinas-11-billion-dollar-surge-on-perth-mint-gold/8774586

https://www.moneymetals.com/news/2014/09/24/warning-3-billion-people-covet-your-gold-000607

https://dailyreckoning.com/u-s-helping-china-accumulate-gold/

https://www.quora.com/Why-is-China-buying-so-much-gold

http://www.zerohedge.com/news/2017-07-31/estimated-chinese-gold-reserves-surpass-20000t


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Re: GOLD to shine with the Death of the Petrodollar !

Post  adrian ss on Fri Oct 13, 2017 7:37 am

If the Chinese are the biggest oil importer on the planet then that means they really really need the oil big time because they don't have enough of their own to support their country and so if I was selling them most of their oil requirement then I would be the one to decide what currency they are to pay me.....Otherwise no deal.
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Re: GOLD to shine with the Death of the Petrodollar !

Post  Magilla on Fri Oct 13, 2017 8:08 am

Saddam Hussein and Gadaffi both insisted on being paid in gold for their oil instead of US dollars, look what happened to them. When the US can just print all the money they want without it affecting the US dollar value there is no way they will stand by and accept change to the present system. The world oil market is controlled by the extreme wealthy, the same people that control the US congress.

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Re: GOLD to shine with the Death of the Petrodollar !

Post  adrian ss on Fri Oct 13, 2017 10:17 am

For years The Chinese have been printing off truck loads of money whenever they need it.
Want to buy a bit of real estate in Aussie, just print off a bit convert to Aussie dollars and hand it to the buyers to throw around in Aussie. Want to buy some coal or uranium mines or some of our gold fields......Easy peezy, just print of a bit more and buy buy buy...... The truth will get out soon enough and kaboom!! there goes the Chinese economy down the drains and stiff chedder to those they owe trillions too.
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Gold to shine with the Death of the Petrodollar !

Post  sandy2010 on Fri Oct 13, 2017 1:47 pm

Thanks for your post Nero......very comprehensive and well composed ( as usual )......

It will be interesting to see how quickly (and discreetly) China will dispose of the "x-trillions of USA dollars they are holding before they become worthless !!!


Be lucky.

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Re: GOLD to shine with the Death of the Petrodollar !

Post  Minermike on Fri Oct 13, 2017 3:28 pm

Look what India did with some of their paper money ... they just cancelled it ! I don't know but I don't think USA can keep printing paper money for ever and ever . Put some money in physical gold and Bitcoin. You can now buy physical gold with Bitcoin . The old saying is , do not put all your eggs in one basket !
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Re: GOLD to shine with the Death of the Petrodollar !

Post  Minermike on Fri Oct 13, 2017 3:35 pm

From what I remember , Saddan Hussein was found in a hole with a lot of paper money . Mainly USD , he was not sitting on gold , too hard to change in a short time . A few $50 notes and people would try and help him .
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