It’s goldbux!
I’m not at all sure I believe this.
However, I do believe that a currency which is backed by real value (gold or a basket of commodities, or whatever) is the smart way to go. The US ought to lead the way, but if China goes first, we should follow.
Fiat money has become a ponzi scheme and the Central Banks are murdering the world.
I don’t know what the effect will really be, but probably not good. China’s economy is also crashing so their insistence may not last very long.
I wish I were 96 years old, so my suffering wouldn’t be as bad.
So China wants to shoot itself in the foot.
this is why bankers from all over the world met in DC last week.
Ron Paul proven correct once again.
If true, this is bad. It also explains why China has been stockpiling gold like nobody’s business for the past few years.
And if their currency is truly gold backed, we all might have to start using it to preserve the value of our money against the perpetual siphoning from our central bank.
I’m curious. How will this affect Chinese stocks like BABA and BIDU that are traded on the NASDAQ?
You think it would be bullish, but with no exchange rate to dollars how would they be priced?
I don't care who you are, that's funny right there.
China keeps killing their children.
So we will pay them for Walmart junk with jelly beans
gold? prolly gold plated tungsten...Thanks for posting. Not breaking news, but maybe someone will pay attention?
1. Are there any other sources for this scenario?
2. I don’t see China refusing just the dollar because its not gold backed. None of the fiats are gold backed. What would they really accept?
Most of these articles are written by sleazy people selling gold futures.
It’s true, China is the world biggest consumer and producer of gold and wants to take over from London the price fix of gold and set it in Yuan.
But I don’t think the US economy is going to collapse on Tuesday.
Smart move by China.
If you want to transact in Yuan, you’ll probably have to buy Gold or Silver to then convert to Yuan.
IMHO, this will force a price reset for precious monetary metals.
Big time game changer that will significantly weaken the Bankster’s power.
It cannot happen soon enough!
Two things people should keep their eye on - Our dollar is under attack.
This thing with China, of course.
And Saudi Arabia is threatening to sell off their US holdings if the 9/11 commission report implicates Saudi Arabia.
This is going to be a helluva week. And you all know that we have the WRONG people in the driver’s seat.
BS article. It’s impossible for China to de-link it’s currency to the dollar. They may say they are, but it just isn’t going to happen.