The story that no one is talking about but I've been saying for years that China is going to peg the yuan to gold on a fractional basis. Just read this........"China is expected shortly to launch a crude oil futures contract priced in yuan and convertible into gold in what analysts say could be a game-changer for the industry,” reports the Nikkei Asian Review.
China is the world’s biggest importer of crude… but crude is priced in dollars. “China's move,” the report continues, “will allow exporters such as Russia and Iran to circumvent U.S. sanctions by trading in yuan. To further entice trade, China says the yuan will be fully convertible into gold on exchanges in Shanghai and Hong Kong.”
It’s a logical step after yuan-denominated gold futures started trading on the Shanghai Gold Exchange last year… and in Hong Kong two months ago.
“China has long wanted to reduce the dominance of the U.S. dollar in the commodities markets,” the article reminds us. There’s a long arc to this story. This is a game changer and I've been saying this is going to happen now for year, get yourself some gold and Bitcoin. The dollar literally could be going bye bye as a world reserve currency within the next few years.