Putin want Dotard to die bankrupted, and needs Xi to play along to achieve - GLOBAL CURRENCY WAR

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https://www.rt.com/business/415251-russia-china-gold-us/


Russia-China combined gold reserves could shake US dominance in global economy - expert tells RT
Published time: 8 Jan, 2018 07:19
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Vladimir Putin holds a gold bar while visiting the Central Depository of the Bank of Russia © Alexsey Druginyn © AFP

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The gold accumulated by China and Russia could be seen as part of a strategy to move away from international trade denominated in US dollars, according to Singapore’s BullionStar precious metals expert Ronan Manly.
Manly exclusively told RT that there is a shift occurring regarding the two countries building up their gold reserves, to perhaps returning to gold-backed currencies in the future and a move away from the global dominance of the US dollar, which is no longer supported by gold.

“China and Russia have both been aggressively accumulating their official gold reserves over the last 10 - 15 years,” he said, adding that only a decade ago each of them held around or less than 400 tons. “But now both these nations hold a combined 3670 tons of gold.”
“Interestingly, both Russia and China publicize and promote their accumulations of gold and publicly refer to gold as a strategic monetary asset. They make no secret of this. But on the flipside, the US does the opposite, and constantly downplays the strategic role of gold.”
According to Manly, for Russia and China gold is the only strategic monetary asset that could provide independence from the US dollar.
Manly said the sides could conceivably be holding a lot more gold than they declare in their official reserves due to many channels through which they could buy the precious metal.

“If China and Russia combined showed that they held more gold on a combined basis than the US, this would, even symbolically, be a blow to the US dollar and to the position of the US in the global economy,” the expert concluded.




https://www.rt.com/business/411700-russia-gold-reserves-putin/
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Russia continues stocking up on gold under Putin’s strategy
Published time: 2 Dec, 2017 06:34
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© Pavel Lisitsyn © Sputnik

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The Central Bank of Russia (CBR) is increasing the country’s gold reserves to meet a goal set by President Vladimir Putin to make Russia less vulnerable to geopolitical risks.
As of November, Russia had 1,801 tons of gold accounting for 17.3 percent of all reserves. Russia is the sixth largest gold owner after the United States, Germany, Italy, France, and China.
“Under the instruction by President Putin, the Bank of Russia has been implementing the program of increasing the absolute share of gold in the gold and currency reserves of Russia for many years," First Deputy Chairman of the Russian regulator Sergey Shvetsov said last week at a conference on precious metals in Moscow.
Since Putin’s election as president, Russian gold reserves have increased more than 500 percent from 343 tons, according to Gold.org data.

© gold.org
Buying gold makes a country less vulnerable to geopolitics. After the Crimea referendum in the first quarter of 2014, Russia increased its gold reserves by almost 75 percent.
"I will not dwell on the geopolitical situation. Every smart person understands the value of gold in ensuring financial and economic security of the country," Shvetsov said at the conference.
As Goldcore reports, the CBR has more than doubled the pace of gold purchases. In the second quarter of the year, Russia accounted for 38 percent of all gold purchased by central banks.

“Gold is an asset that is independent of any government, and in effect given what is usually held in reserves, any Western government,” said Matthew Turner, metals analyst at Macquarie Group in London, as quoted by Bloomberg. “This might appeal given Russia has faced financial sanctions.”

 

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https://www.rt.com/business/412546-china-russia-gold-standard-dollar/



Russia-China real gold standard means end of US dollar dominance
Published time: 9 Dec, 2017 06:29 Edited time: 17 Oct, 2018 08:46
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© Reuters / Ilya Naymushin

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The BRICS are considering an internal gold trading platform, according to Russian officials. When this happens, the global economy will be significantly reshaped, and the West will lose dominance, predicts a precious metal expert.
In 2016, 24,338 tons of physical gold were traded, which was 43 percent more than in 2015, according to Claudio Grass, of Precious Metal Advisory Switzerland.
Read more
‘Gold price will explode & dollar get wiped out’ – warns investor Peter Schiff
Gold moving from the West to the East
“We have to put the BRICS initiative into a broader context. It is just part of a geopolitical tectonic shift which started decades ago. We have seen a constant outflow of physical gold from the West to the East. At the same time, the West has lost the economic war, and as a consequence, the focus now turns to the financial system. China dominates the world economy and has displaced the US as the world’s most formidable economic powerhouse,” he told RT.
The creation of a new gold standard by BRICS is also a step to end the US dollar’s domination of the global economy
“As Beijing and Moscow understand that America used the dollar to control the world, by implementing a new kind of ‘Gold standard 2.0’ they want to distance themselves from this control. Furthermore, the vast majority of the people in Asia sees gold as superior, or ‘real’ money, something the West has forgotten, because of all the paper wealth (credit) they have accumulated,” said Grass.
The expert notes the BRICS countries account for 40 percent of the world’s population and around 23 percent of the world’s domestic product.
"In combination with the announcement of pricing oil in yuan, using a gold-backed futures contract in Shanghai, the establishment of the Asian Infrastructure Investment Bank and the New Development Bank, China is setting up an alternative to the post-Bretton Woods establishment. This is certainly a game changer,” said Grass.
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Russia & China could set international gold price based on physical gold trading
Physically backed precious metals market spells the end of paper gold trade
The level of trust between BRICS countries can help them establish intragroup gold trading, which would be 100 percent physically backed.
“This will present a viable challenger that could over time lead to a break up of the current system since the West will likely still trade paper gold in the meantime,” Grass said.
According to London gold clearing statistics for 2016, the total trading volume in the London Over-the-Counter (OTC) gold market is estimated at the equivalent of 1.5 million tons of gold. The volume of 100oz gold futures on New York's COMEX reached 57.5 million contracts during 2016 or 179,000 tonnes of gold, the analyst notes.
The amount of mined gold is much smaller
“If we now take into consideration that only approximately 180,000 tons of gold have actually been mined up to today the scam is just gigantic and obviously unsustainable. The paper scams in London and New York will either blow up when the paper price of gold drops to zero or when just a fraction of investors insists upon receiving physical gold in return,” Grass said.
The expert believes that with paper gold trading, the established gold exchanges could cease to exist sooner or later.
“They will likely become obsolete and lose their importance over time. Although one cannot predict exactly how fast this will happen, the trend is clear: OTC and COMEX are working toward their own destruction,” he said.
Read more
Russia continues stocking up on gold under Putin’s strategy
Gold prices could explode if trading were backed by physical precious metals
“It will definitely lead to higher prices for physical gold. Imagine if you could buy on COMEX and OTC gold at a much lower price and still have the option to sell it in Asia for a much higher price; this would kill the old paper scams immediately. Therefore, I would guess that both could come up with new restrictions that only cash settlements will be allowed to avoid this. We know for example that even today 99.96 percent of COMEX gold futures are settled in cash,” Grass wrote.
The final battle: Gold vs. US dollar
The analyst recollected the Heartland Theory of Halford Mackinder, a British geostrategist at the beginning of the 20th century who influenced the likes of Kissinger and Brzezinski. Following the theory, we will soon face a war between physical gold and the US dollar.
“As per my understanding, we are moving into the final phase, the battle between currencies – one that will be backed by a hard asset which was real money since time immemorial until 1971 and the other one, backed by promises that future generations will pay through debt, inflation and ever-rising taxation,” he said.
Getting away from fiat currencies will be good for gold
“I would like to conclude with a final thought from my friend Jayant Bandari: the combination of negative yields, massive political risks around the world, and any attempt to move away from traditional currencies will be positive for gold and will take it to the next level. Investing is very much linked with geopolitics - once you understand the big picture, it becomes apparent what you should invest in,” Grass told RT.





https://www.rt.com/business/413107-petro-yuan-futures-trading/




China about to knock out petrodollar by trading oil in yuan
Published time: 14 Dec, 2017 10:20
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John Ryder knocks out Patrick Nielsen © Andrew Couldridge © Reuters

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As one of the world’s top energy importers, China has successfully completed its fifth dry run in yuan-backed oil futures contract trading. The step has been already called Beijing’s challenge to the US dollar.

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China's launch of 'petro-yuan' in two months sounds death knell for dollar's dominance
According to Bloomberg, which cited a statement from the exchange, 149 members of Shanghai International Energy Exchange traded 647,930 lots in the rehearsal with a total value of 268.2 billion yuan. The system met the listing requirements of crude futures after the exercise, it added.
“This contract has the potential to greatly help China’s push for yuan internationalization,” said Yao Wei, chief China economist at Societe Generale in Paris.
She added, however, “its success will hinge critically on the degree of freedom allowed for the capital flows related to the contract.”
A former China division chief at the International Monetary Fund, Eswar Prasad said: “It is not unreasonable to envision a world in which the overwhelming share of commodity contracts, especially for oil, are no longer denominated just in dollars.”
But “the yuan’s role in global finance will ultimately be determined by the degree of commitment of Xi Jinping’s government to economic and financial market reforms.”
Since the 1970s, the global oil trade has almost entirely been conducted in US dollars. The largest energy consumer, China, is interested in having oil contracts in yuan. Beijing plans to introduce its own oil benchmark which will rival Brent or West Texas Intermediate. Analysts say Chinese authorities will need to first convince large oil producers and consumers to use the yuan and invest in the Shanghai benchmark.

The Chinese government announced plans to start a crude oil futures contract priced in yuan and convertible into gold earlier this year. The contract will enable the country's trading partners to pay with gold or to convert yuan into gold without the necessity to keep money in Chinese assets or turn it into US dollars.
The new benchmark will reportedly allow exporters, such as Russia, Iran or Venezuela to avoid US sanctions by trading oil in yuan.
In September, Venezuela ditched the greenback for oil payments. Caracas has ordered oil traders to convert crude oil contracts into euro and not to pay or be paid in US dollars anymore. The measure followed the rolling out of sanctions by the United States against the country.