China has Announced NO plans for a gold backed or redeemable Yuan.
Since the appearance of the gold backed Yuan story in the Nikkei Asian Review NO Source of a Chinese announcement has been cited
Many analysts and commentators have reported the story as something ‘China announced”.
Recent variants of the “gold backed Yuan” story involve oil producers accepting Yuan for payment and THEN buying gold with the proceeds.
Gold can not be exported from China so the gold futures contract has to be purchased outside China.
Such an arrangement does not constitute a gold backed Yuan or even a Yuan redeemable in gold.
Misleading story highlights another gold pumper story that distorted the facts of a Yuan denominated oil futures contract to make it seem relevant to gold demand.
Latest speculation presented as “News”- China will force Saudi Arabia to accept Yuan as payment!
Listen to the audio commentary to this blog post:
OR listen to the audio commentary to this blog post on Bitchute
Or check out the You tube version at the end of this blog post
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
Update! The Curious Case of the Gold Backed Yuan Story Just Got Curiouser
It all started with a headline on September 1, 2017 in the Asian Nikkei Review.
“China sees new world order with oil benchmark backed by gold”
The opening sentence read “China is expected shortly to launch a crude oil futures contract priced in yuan and convertible into gold in what analysts say could be a game-changer for the industry.”
Expected by whom? was my first question.
No one seemed to be asking the question, other than as I found out a week or so later, Koos Jansen who also found the story remarkably unbelievable and unsourced.
While the alternative media does a good job of investigating current event stories like the Las Vegas shooting, it does a horrible job investigating stories for which it has a favorable bias.
Rather than check the veracity of the gold-backed Yuan story’s origins, alternative media analysts and commentators immediately set about speculating what the new gold backed Yuan might mean.
GAME CHANGER!, GAME OVER FOR THE DOLLAR! and similar breathless proclamations came from alternative media outlets.
There was a problem however, the story wasn’t true. It was another “Fake But Accurate” stories that fit the de-dollarization narrative.
Rory Hall of the Daily Coin interview Alasdair Mcleod of Gold Money who was interviewed in the Asian Nikkei Review Gold Backed Yuan. As Mr. Mcleod explains in the video below, it is anticipated that China will launch an oil futures contract denominated in Yuan. He made it clear that oil producers receiving proceeds under that contract would not be able to redeem it for gold from China but rather would have to enter into a seperate contract to receive gold outside of China.
Mr. Hall astutely asked if the two contracts were linked in any way. Mr. Mcleod said they were not. Thus, there is no gold backed or gold redeemable Yuan under Mr. Mcleod’s version of the story. Indeed given there has been no announcement from China regarding a gold backed Yuan or Yuan redeemable in gold contract, Mr. McLeod’s version is the most reasonable explanation of what might happend.
But his version doesnt constitute a gold backed Yuan or a Yuan redeemable in gold. It merely highlights that oil producers MAY chose to purchase gold with their proceeds from the Yuan denominated oil futures contract.
Saxo Bank analyst John Hardy also fell for the “news” of a coming gold backed Yuan. In a research report Mr. Hardy wrote “The initial focus is on the global oil trade, where it has announced the intention of buying oil in yuan and allowing trade partners to settle that yuan in gold”
https://twitter.com/Smaulgld/status/918127334108082178
@KoosJansen @Smaulgld Look into the correcting the way this is stated. Thanks for pointing out.
— John J. Hardy (@johnjhardy) October 12, 2017
Mr. Hardy was interviewd on CNBC touting the “gold settlement” of a Yuan oil payment contract.
China will COMPEL Saudi Arabia to Trade Oil in Yuan!
The same day CNBC ran a story entitled “China will ‘COMPEL’ Saudi Arabia to trade oil in yuan — and that’s going to affect the US dollar”
This “news”” was not news at all but rather the speculative opinion of Carl Weinberg, of the two person firm of High Frequency Economics.
This story is also now being repeated as a fact in alternative media circles.
https://twitter.com/Smaulgld/status/918204865914032130
Since certain Chinese trading partners (those subject ot sanctions like Russia, Iran and Venezuela) already accept Yuan and given China’s desire to internationalize the Yuan there will most likely be a Yuan denominated oil futures contract announced in the coming months, but there is no indication that it will be gold backed or redeemable in gold.
————————————————————————————————–
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:
BGASC.com
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:
BGASC.com
Golden Eagle Coins
SD Bullion
Money Metals Exchange
Compare American Silver Eagles for sale at:
BGASC.com
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 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 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.
Send Litecoin to this address:
