My guess is it will take Russia and China and the other BRICS nations most of to get all the nuances worked out and the gold trade settlement contracts will not actually come to the table until or possibly even We say this in light of what happened with the Shanghai Gold Exchange SGE bringing their gold settlement mechanism online back in April The SGE was suppose to bring this online in October but was unable to make it happen as they wished to avoid any major mishaps when launching.
The gold backed portion is still a little sketchy at this point as there has been no official announcement, no Chinese official discussing nor does any contract exist that is tied to the yuan backed oil contract.
Is this the reason for the two recent attempts at beating gold down the line? Neither attempt, in my opinion, was very successful except in the very, very short term as both attempts were greeted with equal amount of contracts on the acquiring side of the trade.
With this announcement hitting the wire on Friday November 24 it would make sense these recent smashes were the type of attempt to push even more people out of the gold market and into bitcoin as to keep them away from real, tangible money.
This also happens to coincide with the official gold holdings monthly announcement showing Russia, once again, increased her share of physical gold at the Russian Central Bank. Russia has made it very clear that the Federal Reserve Note is a threat to Russian sovereignty and the Russian economy. Russia has also made it crystal clear that she will be making moves away from the Federal Reserve Note, US dollar.
According to Shvetsov, the Bank of Russia has already signed a memorandum on development of bilateral gold trade with Chinese colleagues. Russia and China have been making subtle moves with gold over the past several years, and this announcement seems to be the next step in the evolving gold as money story. We will see gold come back to the table as trade settlement.
What form it takes has been one of the remaining questions and now we are seeing that conversation begin to unfold. The content on this site is protected by U. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information. The views contained here may not represent the views of GoldSeek.
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