Live Trading News/Paul Ebeling/07-18-17
Russia’s largest bank, state-owned Sberbank, announced that its Swiss subsidiary had begun trading in Gold on the Shanghai Gold Exchange.
Russian officials have signaled that they plan to conduct transactions with China using Gold as a means of marginalizing the power of the USD in bi-lateral trade between the 2 powerful nations.
The formation of a BRICS Gold marketplace could bypass the US Petrodollar in bi-lateral trade in the energy sector.
PG View: This is a big positive for gold, and bad news for the dollar.
