US dollar ...... Saudi Arabia oil
- Thread starter BKR88
- Start date
Oil supply isn't the concern with this story. All about the US dollar.
Read somewhere that the new BRICS+ currency will be ready in Oct.
If true, how much more US$ dumping will happen as those countries convert currency reserves (US$?) to the BRICS+ currency to purchase oil?
Quite a bit of US treasury dumping already but was that to purchase gold or preparation for the BRICS+ currency?
What US$/US Treasury dumping?
There is always buying and selling of both, based on many factors.
From that tweet:-
With the agreement not being renewed, there could be a decrease in global demand for the U.S. dollar, potentially weakening its value.
China has been dumping US dollars to buy gold. Russia is also, hoarding gold. They want their currencies backed with gold. I imagine that China's yuan backed with gold could be the next reserve currency. US sanctions have only hastened the fall of the dollar. Also, US sanctions have made other countries less likely to trust the US with their currency reserves considering how the US is confiscating Russian reserves in the US and Europe. Russia has retaliated by getting a court order to seize US and European assets in Russia to pay for the seized Russian assets. It is plain thievery of the US and NATO countries. BRICs is becoming stronger economically and pretty soon the US and the so called G7 will be on the outside looking in. Saudi Arabia and other Arab countries are also, joining BRICs.
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Ok, now look at USD/CNY.
Price of the Yuan has nothing to do with the amount of treasuries they're buying/selling.
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WONDER also, what is currency preference of # 1 oil producer USa??
I do wish all the USA debt sellers would have thought more about your chart post #6.
2] Too bad for some, fundamentals win in the end;
and IF they get what they want, may not want what they get.
Russsian 1998 default, persistent pattern of character.
US gold, silver + copper money has been around , much longer than US$$.