Over the weekend PRC dropped a bombshell when their Shanghai International Energy Exchange announced that they were inwards the
process of creating a novel fossil oil contract that would live on sold inwards RMB, together with convertible to gold through its sis market, the Shanghai Gold Exchange. Now on Sept. 3 i of the prognosticators of this motility is forecasting that inside the side past times side 12 months all merchandise inwards the East, non simply that of energy, would live on done using aureate backed agency together with monetary credit.
Eric King: “Stephen, remarkably you lot were the initiatory off to predict that PRC would launch this yuan-based fossil oil benchmark backed past times gold. Now that it has been reported that this is nearly to get got place, what are your thoughts on what happens next?”
Dr. Stephen Leeb: “We are straight off at the starting fourth dimension of a New Monetary World Order that volition live on centered around gold. Within a year, all merchandise inwards the Eastern hemisphere volition most probable live on gold-backed. This is why the Silk Road countries get got straight off accumulated nearly 34,000 tonnes of gold. This exceeds the sum of aureate held past times the top 50 countries exterior the Silk Road, including the U.S., which supposedly has 8,000 tonnes. China’s portion of the 34,000 tonnes of aureate is estimated to live on around 20,000 tonnes. – King World News
What makes this potential scenario fifty-fifty to a greater extent than probable is the recent threats past times President Trump together with the the States against PRC inwards calling for a merchandise state of war together with restrictions on the Far Eastern economy, together with the subsequent reply past times PRC on just where they would retaliate.
PRC could get got 3 countermeasures against the recent “Section 301” investigation initiated past times the U.S.A. government, experts told Chinanews.com.
With growing merchandise friction betwixt the 2 largest economies, the spokesperson of China's Ministry of Commerce made a strong reply on Monday, saying China strongly opposes unilateral together with merchandise protectionism acts conducted past times the U.S., together with volition get got all appropriate measures to safeguard its legitimate interests.
According to the report, limiting imports from the U.S., reducing exports to the U.S., together with unloading dollar assets would live on the most effective countermeasures. - Zerohedge
