China petro Yaun launches March 26, 2018

[easyrider Senior Member Find all posts View Profile Close easyrider]

China will be using gold backed Yaun to trade oil contracts starting Monday. Some say this is bad while other say it doesn't matter. I think this is one of the reasons the USA has increased tariffs to Chinese imports. The sanctions against Iran and Russia will help China gain traction in the oil contract market. The Yaun is backed by gold and the USD is back by Treasuries. Will a gold backed currency dominate a made out of thin air currency ? It could be that China's move will either tank precious metals or make them increase ten fold. It will be interesting starting on Monday.

http://www.commoditytrademantra.com/...-gold-benefit/

https://www.nasdaq.com/article/china...tocks-cm862835

[bigfrank Administrator Find all posts View Profile Close bigfrank]

As the market drops Gold is known to go up.

[spidermidland Junior Member Find all posts View Profile Close spidermidland]

but will go down early