Chinese Gold Back Yuan Story continues to be repeated In alt financial media despite NO source.
There is no dispute that there will be Yuan denominated oil futures contract. But “gold backed” or “exchangeable for gold delivery BY China” – the hype part of the story – is unsourced and not practicable.
Yuan Denominated Oil Futures Contract, But Not Gold Backed
Luke Groman who is cited in the gold backed yuan story now says ignore the headline the story and facts are true!
Problem: THE STORY IS THE HEADLINE! if we disregard the headline there is no story.
“China sees new world order with oil benchmark backed by gold”
The facts are a very big deal, supported by a breakout in the gold/oil ratio. If you want to get caught up on a title, good luck with that.
Mish does a good job of calling BS, but he omits why Rickards’ SDR speculation is near impossible and why its TOTAL BS: For any change at the IMF 85% voting is required. The US currently has effective veto power with over 16.52% of the vote.
And it is near impossible to consider a scenario where even if the US dropped to 14% that they couldnt get a few countries to join with them to stop something as stupid as implementing the SDR as the reserve currency within a few months.
Bitcoin traders say good riddance to closing of Chinese Exchanges as Bitcoin tumbles and rebounds.
China has more than $1.1 Trillion in US T bonds and billions in annual trade with the US “Crashing the dollar” is not in their interest. China also has larger concerns than “crashing the dollar” including feeding and keeping its 1+ billion population entertained and from revolting.
The U.S. Mint sold 0 of the first America the Beautiful Coin of 2017 today – the Effigy Mounds National Monument coin. YTD Effigy Mounds ATB coins 35,000. The US Mint sold 0 Frederick Douglas National Historical Site ATB coins and 0 of the Ozark National Scenic Riverways.
The US Mint sold 0 Ellis Island ATB coins today
Total YTD ATB coin sales 35,000 Effigy Mounds National Monument coins, 20,000 Frederick Douglas National Historical Site, 20,000 Ozark National Scenic Riverways ATB coins and 40,000 Ellis Island ATB coins. Total 115,000
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