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The Recusant
Member since May 2012
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has posted a comment on the article :

The Gold-Backed-Oil-Yuan Futures Contract Myth - Jan Nieuwenhuijs - Bullion Star

Koos, you stated that the Chinese wouldn't interfere with their futures market. Although you fail to state exactly why it wouldn't do so. Governments and the large banks that central banks use to carry out their economic strategies are not averse to manipulation of the futures markets. Deutsche Bank recently admitted as much and one of their traders went to court for manipulating gold prices. Additionally, you state that the Chinese government does not own the gold in the SGEI and SGE vaults. This may be true but since the Chinese government closely controls disclosure of their dealings, it might be said we have no idea of how much gold which might be used to back their Yuan/Oil deals that is owned by the actual government itself. Your questioning the original article must be commended for your in-depth investigations. However, your above arguments against the article seem based upon a naive belief that governments do not actively participate in controlling the markets, which I believe is untrue.

Commented 2376 days ago

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Beginning of the headline :On September 1, 2017, the Nikkei Asian Review published an article titled, “China sees new world order with oil benchmark backed by gold”, written by Damon Evans. Just below the headline in the introduction it states, “China is expected shortly to launch a crude oil futures contract priced in yuan and convertible into gold in what analysts say could be a game-changer for the industry”. Not long after the Nikkei piece was released ‘the story’ was widely copied in sensational analyses throughout t... Read More

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