Monday, September 4, 2017

Fund manager and financial analyst believes all trade in the East could be gold backed within 12 months

Over the weekend China dropped a bombshell when their Shanghai International Energy Exchange announced that they were in the process of creating a new oil contract that would be sold in RMB, and convertible to gold through its sister market, the Shanghai Gold Exchange.  Now on Sept. 3 one of the prognosticators of this move is forecasting that within the next 12 months all trade in the East, not just that of energy, would be done using gold backed means and monetary credit.

Eric King:  “Stephen, remarkably you were the first to predict that China would launch this yuan-based oil benchmark backed by gold.  Now that it has been reported that this is about to take place, what are your thoughts on what happens next?” 
Dr. Stephen Leeb:  “We are now at the beginning of a New Monetary World Order that will be centered around gold.  Within a year, all trade in the Eastern hemisphere will most likely be gold-backed.  This is why the Silk Road countries have now accumulated nearly 34,000 tonnes of gold. This exceeds the amount of gold held by the top 50 countries outside the Silk Road, including the U.S., which supposedly has 8,000 tonnes. China’s share of the 34,000 tonnes of gold is estimated to be around 20,000 tonnes. – King World News
What makes this potential scenario even more likely is the recent threats by President Trump and the United States against China in calling for a trade war and restrictions on the Far Eastern economy, and the subsequent response by China on exactly where they would retaliate.
China could take three countermeasures against the recent “Section 301” investigation initiated by the U.S. government, experts told 
With growing trade friction between the two largest economies, the spokesperson of China's Ministry of Commerce made a strong response on Monday, saying China strongly opposes unilateral and trade protectionism acts conducted by the U.S., and will take all appropriate measures to safeguard its legitimate interests. 
According to the report, limiting imports from the U.S., reducing exports to the U.S., and unloading dollar assets would be the most effective countermeasures. - Zerohedge


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