Big Problem: China Readies Yuan-Priced Crude Oil Benchmark Backed By Gold

a reply to: Azureblue


Apparently the big guy at the Central Reserve , went to Fort Knox, this is the first time in many years an audit has been done. They might be thinking of reintroducing the Gold standard to prop up the dollar, they might have to, if other countries are going back to gold.

originally posted by: anonentity
a reply to: Azureblue


Apparently the big guy at the Central Reserve , went to Fort Knox, this is the first time in many years an audit has been done. They might be thinking of reintroducing the Gold standard to prop up the dollar, they might have to, if other countries are going back to gold.

One problem...

Ft Knox is empty. We sold our gold to China and India that's how they can go back to the gold standard.

And guess who has the largest Silver reserves....hint it isn't the US

originally posted by: anonentity
They might be thinking of reintroducing the Gold standard to prop up the dollar, they might have to, if other countries are going back to gold.

No one is going back to the gold standard, this is an old canard that gets trotted out with no basis in reality.

originally posted by: AugustusMasonicus

originally posted by: anonentity
They might be thinking of reintroducing the Gold standard to prop up the dollar, they might have to, if other countries are going back to gold.

No one is going back to the gold standard, this is an old canard that gets trotted out with no basis in reality.

I love it when the old canards are trotting....speculators can sometimes hit a trifecta....

originally posted by: olaru12
I love it when the old canards are trotting....speculators can sometimes hit a trifecta....

Exactly. I think some of these bogus sites trot these out to make their own profit by luring in the gullible but the sharper people can hedge and win bigger.

a reply to: infolurker

Same thing happened in Ukraine...

a reply to: AugustusMasonicus


Sorry here I will have to disagree . If someone has a choice to get paid in gold backed money. Or the choice of getting paid in nothing backed money, what is the most sensible choice?

originally posted by: anonentity
Sorry here I will have to disagree . If someone has a choice to get paid in gold backed money. Or the choice of getting paid in nothing backed money, what is the most sensible choice?

That is not what I said. I said no one is implementing a gold backed currency.

originally posted by: anonentity
a reply to: Azureblue


Apparently the big guy at the Central Reserve , went to Fort Knox, this is the first time in many years an audit has been done. They might be thinking of reintroducing the Gold standard to prop up the dollar, they might have to, if other countries are going back to gold.

Few years ago I read on here Germany requested their gold back and after severl years of stalling the US govt told them they did not have the gold to give back to them. They gave Germany a small amount with a promise of more to come later but it seems some yeas later its still not been handed over.

Paul Carig Roberts wrote an excellant very detailed expose, a year or so ago of how the price of gold is dliberately been suppressed by the COMEX. He went on to show how the US were in danger of running out of gold bullion to deliver to Russia who were using money from oil sales to Europe to buy every bit of gold they could at the artifically low price. To stop Russia doing this so they made Ukraine happen and when that dididnt do the trick they made Syria happen.

PCR made the point that the next 20 years worth of gold bullion production has been already sold in the form bits of paper - gold certificates.

PCR and some other stuff I've read have China and Asians genrally are buying every ounce of gold they can get their hands on.

Where does this leave the US if they cant force enough countries to use the US dollar as a reserve currency?

The US wants to build a pipe line through Syria into western Europe to cut off Russias market and use their economic and diplomatic muscle to force all western european countries to buy oil the US it gets from their friends, Sadui Arabia, in US dollars.

From what i've read in recent times, it seems if they cannot succeed with this initative they are doomed because oil is the only thing holding the US currency up at the moment, and has been for some years.

If they cant force europe to use the US dollar as a reserve curreny, then because of their national debt, the likelyhood of it being the case that when one rat jumps ship others might not be long on doing the same, grows ever more likely.

a reply to: Azureblue

Germany has already repatriated the gold reserves it wanted back from the US. Completed this year actually.

originally posted by: ScepticScot
Germany has already repatriated the gold reserves it wanted back from the US. Completed this year actually.

All these gold myth stories. What do want to wager that each person who started one is hedging gold in some capacity?

originally posted by: AugustusMasonicus

originally posted by: ScepticScot
Germany has already repatriated the gold reserves it wanted back from the US. Completed this year actually.

All these gold myth stories. What do want to wager that each person who started one is hedging gold in some capacity?

Either that or selling a book on their 'fool proof' gold investment strategy.

originally posted by: ScepticScot
Either that or selling a book on their 'fool proof' gold investment strategy.

There's definitely proof of foolishness if you follow their advice.

originally posted by: ScepticScot
a reply to: Azureblue

Germany has already repatriated the gold reserves it wanted back from the US. Completed this year actually.

that's good to hear

the US has been discouraging other nations from doing this in the past


it will have an economic impact on some level

originally posted by: njord
the US has been discouraging other nations from doing this in the past


it will have an economic impact on some level

China is not trying to sell oil for gold, but buy oil for gold. I sincerely doubt they will give any gold for oil ? I think they just want other nations to accept that Yuan is as good as gold.

originally posted by: Ove38
I think they just want other nations to accept that Yuan is as good as gold.

Except it isn't. The yuan is not gold-backed nor are there plans to make it gold-backed.

Let me tell you guys something, when you buy their gold, they make a profit.
You don't make a dime's worth of profit until you sell it and they will make a profit again when you sell.
And if you are real lucky ( And most are not ) you might just get to sell it for a few more pennies than you paid for it, if they let you.

No regular person has any business in commodities or the entire markets for that matter.
It more rigged than Las Vegas.

Buck

Damn, I forgot the OP, it will work out. There's much more to this than what in the general media.

a reply to: flatbush71

No regular person has any business in commodities or the entire markets for that matter.
It more rigged than Las Vegas.

Is sheetrock a commodity?