Report: China Planning Gold Backed Chinese Yuan as Payment for Oil

Nikkei Asian Review Claims China Preparing Gold-Backed Yuan Oil Payment Proposal.

Hurricane Harvey swamps Houston.

World War II Bomb to be detonated near German Bundesbank where nation’s gold is held.

Gold and Silver Post Strong Gains.

Cryptos Soar; Bitcoin Reached $5,000; Litecoin closed in on $100.

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Video Commentary to “CHINA PLANNING GOLD-BACKED CHINESE YUAN AS PAYMENT FOR OIL”

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Featured story:

Nikkei Asian Review reports “China sees new world order with oil benchmark backed by gold.Yuan-denominated contract will let exporters circumvent US dollar”

GAME CHANGER?

The report notes: China is “expected” to launch crude oil futures contract priced in yuan and convertible into gold” and “analysts” say could be a “game changer”. (“expected” by whom?/”analysts” cited were gold bugs)

We reported back in April about Russia and China supposedly working on a gold payments system.

A gold payments system is different than a government backing its currency with gold. Under a pure gold payments system the seller of goods accepts only gold as payment.

The proposed system would have China paying for oil in Yuan and to make such payments more attractive, the Yuan could be converted into gold.

Will China actually create/propose such a payment system?

Will Saudi Arabia accept the new Chinese Yuan convertible to gold payment?
Will China even request/require that they do?
If created, how often would sellers convert their Yuan to gold?
How much gold would be drained from China?
What impact would that have on gold demand internationally.(countries wouldnt need gold to trade, China would need gold to back its trades)

A major impact would occur if a country required gold as payment for its goods.

In this instance, China MAY be offering to PAY in gold backed Yuan not dollars.

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Gold and silver.

Gold closed last week at $1290.80 an ounce and closed this week at $1324.40 +2.6%

Silver closed last week at $17.05 an ounce and closed this week at $17.69 +3.8%

The gold and silver ratio ended the week at 74.82:1

gold silver ratio September 1 2017

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Tweets of the Week

The Guardian and Journalism

Gold and Bitcoin don’t pay dividends

Bitcoin Bubbles vs other bubbles

Buy Gold and Silver - Money Metals Exchange

Here are the stories we wrote, followed or commented on:

August 28, 2017

Blame on Both Sides

Black-clad antifa members attack peaceful right-wing demonstrators in Berkeley
Bay Area TV Anchor: “I Experienced Hate First Hand Today In Berkeley” From Antifa

Cryptocurrencies

China’s regulators preparing new rules for digital coin offerings – Caixin

Vietnam Is Preparing to Legally Recognize Bitcoin

Russian Credit Rating Agency to Issue First Global Ratings in 2018 – CEO

Corruption Is Still a Problem Ten Months After India’s Cash Ban

U.S. Economic Data

Wholesale inventories 0.4%, Exp. 0.3%
Advanced goods trade deficit July: -$65.1BN, Exp. -$64BN
Dallas Fed 17, Exp. 17, Last 16.8

US Mint Sales Update

U.S. Mint reported selling 300,000 American Silver Eagles and 0 American Gold Eagles today.

MTD American Silver Eagles sold 725,000 & American Gold Eagles sold 6,000
YTD American Silver Eagles sold 15,278,500/American Gold Eagles sold 161,500

You can compare pricing and shipping charges on American Gold Eagles coins of all sizes at these web sites:

BGASC.com
Golden Eagle Coins
SD Bullion
Money Metals Exchange

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The U.S. Mint reported selling 0 American Gold Buffalo coins.

MTD 2,500 sold

YTD 74,500 sold

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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 29,500 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 29,500 Ellis Island ATB coins. Total 104,500

Check out ATB mintages

August 29, 2017

From Smaulgld.com

EXPLAINING THE RISE OF BITCOIN & LITECOIN VS. GOLD

Cryptocurrencies

SEC Warns on ICOs

Suddenly, Russia Plans To Ban Cryptocurrency Sales To ‘Ordinary People’

Bank of Mexico Rejects ‘Virtual Currency’ as Legal Classification for Bitcoin

US Economic Data
Case Shiller 20 City Composite June: 0.7%, Exp. 0.8%

Consumer confidence hits 122.9 in August vs expectation of 120.3

Consumer confidence strengthens in August, beating expectations for a drop

US Mint Sales Update

U.S. Mint reported selling 300,000 American Silver Eagles and 500 American Gold Eagles today.

MTD American Silver Eagles sold 1,025,000 & American Gold Eagles sold 6,500
YTD American Silver Eagles sold 15,578,500/American Gold Eagles sold 162,000.

You can compare pricing and shipping charges on American Gold Eagles coins of all sizes at these web sites:

BGASC.com
Golden Eagle Coins
SD Bullion
Money Metals Exchange

Buy American Gold Eagle Coins

The U.S. Mint reported selling 500 American Gold Buffalo coins.

MTD 3,000 sold

YTD 75,000 sold

Buy 90 Percent Junk Silver US Coins

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 10,000 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 39,500 Ellis Island ATB coins. Total 114,500

Check out ATB mintages

August 30, 2017

Gold
Richest Hindu temple Tirupathi Balaji deposits 2,780 Kg of gold with SBI

Cryptocurrencies

CNBC Pumps Litecoin

Gold is less of a safe haven because of cryptos!

Moscow Stock Exchange Welcomes Crypto-Currency Trade – BUT only for Accredited investors

US Economic Data

Q2 GDP First revision: 3.0%, Exp. 2.7%

ADP 237K, Exp. 185K

July ADP revised from 178K to 201K

August 31, 2017

From Smaulgld.com

THE BUBBLE IS IN ICO’S NOT BITCOIN & LITECOIN

US Economic Data

Challenger job cuts 33,825, up 5.1% Y/Y; 289,132 YTD

Chicago PMI 58.9, Exp.58.5
Personal Income 0.4%, Exp. 0.3%
Personal Spending 0.3%, Exp. 0.4%
Pending Home Sales -0.8%, Exp 0.3%

Atlanta Fed Q3 GDP nowcast 3.3%, down from 3.4%

Cryptocurrencies

Six big banks join blockchain digital cash settlement project

September 1, 2017

Silver

De-dollarization

China sees new world order with oil benchmark backed by gold

Game Changer: China to Buy Oil With Gold-Backed Yuan

US Economic Data

UMich 96.8, Est 97.5

ISM Manufacturing 58.8, Exp. 56.5,
Markit Mfg PMI 52.8, Exp. 52.5, Last 53.3
August payrolls 156K, Exp. 180K
Average Weekly Hours 34.4 down from 34.5

September 2, 2017

Gold

Vault containing $70 billion German Gold to be evacuated as Frankfurt defuses World War II bomb

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Buy 90 Percent Junk Silver US Coins

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Compare American Silver Eagles for sale at:

BGASC.com
Golden Eagle Coins
SD Bullion
Money Metals Exchange

Buy American Silver Eagle Coins

Donate To Smaulgld.com via paypal

Buy American Gold Eagle Coins

You can compare pricing and shipping charges on American Gold Eagles coins of all sizes at these web sites:

BGASC.com
Golden Eagle Coins
SD Bullion
Money Metals Exchange

Check out ATB mintages

Buy American Gold Eagle Coins

Buy 90 Percent Junk Silver US Coins

Compare American Silver Eagles for sale at:

BGASC.com
Golden Eagle Coins
SD Bullion
Money Metals Exchange

Buy American Silver Eagle Coins
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