The Gold Worm on the Yuan Hook

By Hugo Salinas Price Once again, I turn over in my mind the Chinese plan regarding their imported oil, which consists in convincing their oil suppliers to accept yuan in payment (and thus re-directing their sales outside the orbit of the US dollar) with an additional sweetener in case the oil exporters do not wish to hold assets denominated in yuan: the sweetener consists in offering to exchange the yuan received by the oil exporters, for gold purchased on the world markets – and not out of Chinese reserves. Again, I mention that for the first time in 46 years – ever since that fateful date, August 15th, 1971, when Nixon took the US “off gold” – gold is once again mentioned as part of a commercial deal – and one of great importance. “There is more than one way to skin a cat” says an old proverb. And there is another way to bring the US to its knees, besides using hydrogen bombs or EMPs. If the US cannot stop China from implementing its “oil – for yuan – for gol...

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