Gold is Making a Comeback at the Center of the International Monetary System

Physical gold is about to mark its return at the center of the settlement system for oil transactions – a first step toward a reintroduction at the center of the international monetary system. The months and years to come shall mark a radical change within the international monetary system, driven by China and the oil exporting countries. China, after years of preparations, (with the help of intriguing gold price moves), just announced the programmed ending of the post-Bretton Woods monetary system. How so? By launching futures contracts on oil denominated in Yuan before the end of this year... thus allowing oil exporting countries to be paid in Yuan in exchange of their oil – they can then buy physical gold on the Chinese exchanges in Shanghai and Honk Kong. Yuan-denominated gold futures have existed since 2016 – but these new futures contracts on oil denominated in Yuan are changing the picture: oil will be sold for Yuan that can then be converted into physical g...

from GoldBroker.com https://www.goldbroker.com/news/gold-making-comeback-center-international-monetary-system-1182