December 18, 2017
The Road To $15,000 – $20,000 Gold
December 18 (King World News) – Dr. Stephen Leeb: “Last weekend China ran practice sessions on its prospective oil benchmark. So far, there are no reports on whether the authorities were satisfied with how they went. But I have no doubt that China will make the benchmark work and that in the near future the country will initiate an Eastern oil benchmark traded in yuan.
If that trading is successful, as it surely will be, China will start to allow oil exporters, including Russia and Saudi Arabia, to export gold from China, something that currently is forbidden. That is a necessary step to having gold backing for the yuan used to trade gold…
The new Eastern benchmark will quickly become more important than Brent crude or West Texas Intermediate. That’s because the East’s economy is both larger and faster growing than the West’s. Moreover, oil is a bigger component of the East’s GDP than the West’s. This will make it natural for trading in yuan to expand from oil to other commodities and eventually to all trade in the East.
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