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Australian miner Fortescue Metals (FSUMY.PK) has begun settling transactions with China in yuan,...

Australian miner Fortescue Metals (FSUMY.PK) has begun settling transactions with China in yuan, expecting to expand the practice quickly. "We are now exploring the possibilities of being paid in renminbi, purchasing equipment in renminbi from our renminbi bank accounts," says incoming CEO Andrew Forrest.
Comments (3)
  • Haotian
    , contributor
    Comments (132) | Send Message
     
    Oh great. In other news, I paid one of my friends in RMB after losing a sports bet. I guess this really means the end of the dollar.
    12 Jul 2011, 08:07 PM Reply Like
  • Boxed Merlot
    , contributor
    Comments (1585) | Send Message
     
    Don't laugh. Check this out.

     

    Gold $1573,50 High Today Only $4 Removed from Gold’s All Time High at $1577,40 on May 2, 2011 charts.kitco.com/Kitco.../

     

    Why? Who Cares. Maybe the Chinese developed some new appetite for gold . Just maybe? ;) And the Negative Real Interest Rates of course.

     

    Excerpt from Whistleblower Andrew Maguire Interview by Eric King on King World News July 11, 2011:

     

    Last week London Whistleblower Andrew Maguire told King World News that the launch of the new gold and silver exchange in China will destroy the remaining gold and silver shorts. Maguire stated, “The launch of this new gold and silver exchange has flown under the radar, but certainly has my attention. I firmly believe we are marking a pivotal point that will in very short order affect current precious metals price discovery dynamics. We now have an additional factor to be vended into the supply demand equation. This factor will ultimately destroy the remaining short positions in both gold and silver.”

     

    Can't vouch for the validity of the report, but the implications could be profound. imo.
    13 Jul 2011, 12:10 AM Reply Like
  • nightfly
    , contributor
    Comments (1017) | Send Message
     
    Yep, dollar "dominance" is over and soon to be "Yen-like" if not already.
    12 Jul 2011, 08:35 PM Reply Like
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