Gold backed Yuan will dilute USD Petrodollar
” Some years ago, China set up an oil commodity contract that trades in China and settles in yuan.
The Chinese are just as keen to dethrone the US dollar banking system as Russia is.
China knows that the yuan is not particularly useful internationally.
Therefore, a condition of that oil contract is that payment can be converted from yuan into gold.
Hey presto!
Russia could sell oil in China today, get paid in gold, and bypass the US dollar and US sanctions completely.
Such an outcome would legitimise gold in a way not seen for years, even decades perhaps.
Gold is not just rising in US dollars but also rising in other currencies “.
*Above excerpt from “The Insider” newsletter
