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.

The Lowest Cost. Period.

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

Youtube


Watch on BITCHUTE

https://www.bitchute.com/video/0N2qJVP6JMkT/

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.

You can buy Bitcoin, Ethereum and Litecoin through Coinbase.
Click HERE to open a coin base account and get $10 of free Bitcoin.*

Click Here to Get the Smaulgld 2017 Silver Report

Check out all the Smaulgld podcasts here.

Not a Smaulgld subscriber? Sign up here.

Donate To Smaulgld.com via paypal

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

Donate To Smaulgld.com via paypal

Please consider making a small donation to Smaulgld.com. Thanks!





Sign Up For Smaulgld.com Updates Here!

Donate To Smaulgld.com via paypal

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:

Golden Eagle Coins
SD Bullion
Money Metals Exchange

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

MTD 2,500 sold

YTD 74,500 sold

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

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

MTD 3,000 sold

YTD 75,000 sold

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

Check out all the Smaulgld podcasts here.

Not a Smaulgld subscriber? Sign up here.

Donate To Smaulgld.com via paypal


Donate To Smaulgld.com via paypal

Sign Up For Smaulgld.com Updates Here!

Donate To Smaulgld.com via paypal


Donate To Smaulgld.com via paypal

Sign Up For Smaulgld.com Updates Here!

Compare American Silver Eagles for sale at:

Golden Eagle Coins
SD Bullion
Money Metals Exchange

Donate To Smaulgld.com via paypal

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

Golden Eagle Coins
SD Bullion
Money Metals Exchange

Check out ATB mintages

Compare American Silver Eagles for sale at:

Golden Eagle Coins
SD Bullion
Money Metals Exchange

-

If you have enjoyed this report, please consider sharing it, buying your precious metals through the Smaulgld affiliates linked to on this site* and subscribing (for free) to Smaulgld.com.

Please consider making a small (or large!) donation to Smaulgld.com. Thanks!





Get Free Updates From Smaulgld.com

Subscribe to Smaulgld.com and get the free "In Case You Missed It" weekly email as well as updates and analysis on gold, silver, real estate and the economy.

Also get the free report "Twelve Key Differences Between Gold and Silver" when you subscribe.






Subscribe to Smaulgld.com to receive free gold and silver updates, news and analysis.

Please visit the Smaulgld Store for a large selection of recommended Kindles, books, music, movies and other items.


You can support Smaulgld.com by making all your Amazon purchases through the search widget below and by ordering your gold and silver by clicking on the BGASC, Money Metals Exchange, Gold Broker, Golden Eagle Coin, GoldMoney, SD Bullion and Canadian Mint ads on the site.


Browse Silver Coins on Amazon

Browse Collectible Coins on Amazon

*DISCLOSURE: Smaulgld provides the content on this site free of charge. If you purchase items though the links on this site, Smaulgld LLC. will be paid a commission. The prices charged are the same as they would be if you were to visit the sites directly. Please do your own research regarding the suitability of making purchases from the merchants featured on this site.

Disclaimer: Information presented here has been obtained from third parties and is presented for information purposes only. Smaulgld can not and does not guarantee the accuracy or timeliness of the data displayed on this site and therefor the data provided should not be used to make actual investment decisions. You should always consult a professional investment adviser before investing in precious metals or any type of investment. You acknowledge that Smaulgld assumes no responsibility for the integrity of data on this site.

The content provided here is for informational purposes only. Making investment decisions based on information published by Smaulgld (SG), or any Internet site, is not a good idea. Accordingly, users agree to hold SG, its owner and affiliates, harmless for all information presented on the site. SG presents no warranties. SG is not responsible for any loss of data, financial loss, interruption in services, claims of libel, damages or loss from the use or inability to access SG, any linked content, or the reliance on any information on the site.

The information contained herein does not constitute investment advice and may be subject to correction, completion and amendment without notice. SG assumes no duty to make any such corrections or updates. As with all investments, there are associated risks and you could lose money investing. Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of that investment. SG disclaims any and all liability relating to any investor reliance on the accuracy of the information contained herein or relating to any omissions or errors and as such disclaims any and all losses that may result.

Post Navigation