Article

2021-04-17 China-Japan-Koreas

Is China Preparing A Gold-Backed Yuan: Beijing Greenlights Purchases Of Billions In Bullion

[Zero] In 2018, the Chinese launched a gold-backed, yuan-denominated oil futures contract. These contracts were priced in yuan, but convertible to gold, raising the prospect that "the rise of the petroyuan could be the death blow for the dollar."

Two weeks ago, The IMF reported that the global share of US-dollar-denominated exchange reserves dropped to 59.0% in the fourth quarter, according to the IMF’s COFER data released today. This matched the 25-year low of 1995.

And just last week, China became the first major economy to unleash a Central Bank Digital Currency, "cementing its trailblazer status in virtual currencies far ahead of other countries, after already recently experimenting with large-scale trials of actual payments by consumers, which was met with mixed results."

Also last week, Peter Thiel warned "Bitcoin should also be thought [of] in part as a Chinese financial weapon against the US... It threatens fiat money, but it especially threatens the U.S. dollar."

Posted by Besoeker 2021-04-17 00:56|| || Front Page|| [11130 views ] Top
File under: Commies

#1 The StarShip going to the moon would be big enough to carry major mining equipment to the moon. One crater has over 4 quintillion dollars worth of gold in it. Just saying... it could make a gold currency worthless.

Posted by 3dc 2021-04-17 02:08|| 2021-04-17 02:08|| Front Page Top

#2 one particular crater

Posted by 3dc 2021-04-17 02:08|| 2021-04-17 02:08|| Front Page Top

#3

IF
true or until proven otherwise.
Then GOLD prices will soar.

But if China is playing a World Market Currency Game to break it. Then the price will suddenly drop leaving plans and investments based on Gold profits penniless.

Posted by NN2N1 2021-04-17 06:01|| 2021-04-17 06:01|| Front Page Top

#4 If a mysterious pandemic cripples global economies, gold could become the default currency.

Posted by Besoeker 2021-04-17 08:02|| 2021-04-17 08:02|| Front Page Top

#5 Some say money is all about confidence. The US has "printed" trillions of dollars over previous US administrations. So why no inflation?

No guarantees that money backed by gold would work. The Chinese have a lot of convincing to do, but if the US commits political & economic suicide, it may happen by default.

Posted by Clem 2021-04-17 10:11|| 2021-04-17 10:11|| Front Page Top

#6 Of China only backs this tiny portion of their financial arrangements, how much can the vast unbacked portion be trusted?

Posted by trailing wife 2021-04-17 10:37|| 2021-04-17 10:37|| Front Page Top

#7 The Whole Industrial Revolution could be considered a "Chinese Weapon Against The Dollar" as long as their pawns here in power in the US are still pursuing their Morgenthau Plan against us.

Posted by Thing From Snowy Mountain 2021-04-17 10:39|| 2021-04-17 10:39|| Front Page Top

#8 Going back to the PRC with a pile of yuan and trying to convert it back into physical gold would truly be a fool's errand.

Posted by Bubba Lover of the Faeries8843 2021-04-17 10:59|| 2021-04-17 10:59|| Front Page Top

#9 Biden gonna sell 'em the gold from Fort Knox?

Posted by San Fran Nan with a turban 2021-04-17 11:20|| 2021-04-17 11:20|| Front Page Top

#10 Seems a dubious strategy. The US, Australia and Canada produce more gold than China does. China's producing a lot more gold but still only around 10% of world production, and US and other countries' scrap metal supplies as much or more gold as mines do.

Posted by Omarong Snitch8987 2021-04-17 11:21|| 2021-04-17 11:21|| Front Page Top

#11 #9 Biden gonna sell 'em the gold from Fort Knox?

Yep--10% commish for TBG

And Biden Jr's gonna sell 'em the gold from his hos' facial dental and body jewelry

Posted by Marilyn tse Tung3399 2021-04-17 11:27|| 2021-04-17 11:27|| Front Page Top

#12 "Scientists believe all the gold on Earth formed in supernovae and neutron star collisions that occurred before the solar system formed. In these events, gold formed during the r-process.
Gold sank to the Earth's core during the planet's formation. It's only accessible today because of asteroid bombardment.
Theoretically, it's possible to form gold by the nuclear processes of fusion, fission, and radioactive decay. It's easiest for scientists to transmute gold by bombarding the heavier element mercury and producing gold via decay." - the web

At a certain point in price, the third method becomes viable.

Posted by Procopius2k 2021-04-17 12:12|| 2021-04-17 12:12|| Front Page Top

#13 Coincidence that China is big into Africa?

Posted by Clem 2021-04-17 12:20|| 2021-04-17 12:20|| Front Page Top

#14 Would you trust the Chinese dictatorship to swap Yuan for gold if it was not in their interest?

Posted by Flomotle Glomoque5143 2021-04-17 12:22|| 2021-04-17 12:22|| Front Page Top

#15 Gold is not some with static value. Its value goes up and down just like anything else.

All China has to do is not do what the US is doing. China will rule the economic roost within the next 20 years.

Posted by Clem 2021-04-17 12:26|| 2021-04-17 12:26|| Front Page Top

#16 Within the next 20 years?

Have you paid attention to the trade deficit, or the "where are we going to get our chips now" crisis?

Posted by Thing From Snowy Mountain 2021-04-17 15:29|| 2021-04-17 15:29|| Front Page Top

#17 You don't have to go to the Wharton School to suspect a huge worldwide inflationary period is coming rapidly. If paper money loses more confidence, hard assets would seem to be a smart hedge position to hold, they almost certainly cannot decline in relative value, so land and gold seem sensible. It might be nothing more complex than that!

Posted by NoMoreBS 2021-04-17 16:10|| 2021-04-17 16:10|| Front Page Top

#18

gold seem sensible. It might be nothing more complex than that!

Converting Federal Reserve Notes into gold is rather complex. Buying a week's supply of food with gold is not easy either. Has anyone been able to fill their gas tank on the spot sing gold as money?

Posted by Bubba Lover of the Faeries8843 2021-04-17 23:18|| 2021-04-17 23:18|| Front Page Top

08:38 Gleng Whaick2262
08:35 Gleng Whaick2262
08:35 Gleng Whaick2262
08:33 Gleng Whaick2262
08:32 Gleng Whaick2262
08:31 Gleng Whaick2262
08:28 Gleng Whaick2262
08:24 Matt
08:20 SteveS
07:43 Procopius2k
07:42 BrerRabbit
07:42 Procopius2k
07:39 Procopius2k
07:36 Procopius2k
07:35 Procopius2k
07:34 trailing wife
07:31 Procopius2k
07:30 NN2N1
07:22 NN2N1
07:18 trailing wife
07:14 Richard Aubrey
07:10 NN2N1
07:09 Besoeker
07:03 NN2N1