Wednesday, January 18, 2023

Zero Hedge — Poszar Was Right: Saudis Confirm Non-Dollar Oil Trade Plans In Davos

Earlier this month, former NY Fed repo guru Zoltan Pozsar wrote one of his most important reports of 2022, in which he described how Putin could unleash hell on the Western financial system by demanding that instead of dollars, Russian oil exporters are paid in gold, effectively pegging oil to gold and launching Petrogold.
Then, China's President Xi visit with Saudi and GCC leaders marked the birth of the petroyuan and a leap in China’s growing encumbrance of OPEC+’s oil and gas reserves: that's because with the China-GCC Summit, "China can now claim to have built a 'special relationship' not only with the '+' sign in OPEC+ (Russia), but with Iran and all of OPEC+."
And now, according to Bloomberg, Saudi Arabia is open to discussions about trade in currencies other than the US dollar, according to the kingdom’s finance minister….
End of an era?

Also at ZH
According to the Russian news agency Vedomosti, Iran is working with Russia to create a “token of the Persian Gulf region” that would serve as a payment method in foreign trade.
Back to international trade settled in gold without having to deliver gold other than on demand. Prior to 1971, international trade was settled in physical gold bars daily in the vault under the FRBNY. (I witnessed this taking place in 1963.)

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