Dollar Dethroned? China Moves Closer to Petroyuan Dominance | The Gold Spot

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Last weekend, Chinese leader Xi Jinping met with Saudi Prince Mohammed bin Salman to sign a series of historical agreements that pressure US dominance on the world stage.

Ever since the gold standard was scrapped, the greenback has maintained reserve currency status because the US convinced Saudi Arabia to trade petrol exclusively in USD.

This agreement has propped up the dollar as the world’s dominant currency, but US-Saudi relations have since deteriorated and China has taken notice.

The most recent agreements between China and Saudi Arabia stopped shy of snubbing the dollar in favor of the yuan for global oil trade, although Salman promised to consider the possibility.

The imminent petroyuan would destroy a major pillar of US hegemony and threaten the dominant position the petrodollar has held for decades.
Biden’s reckless spending campaign and scapegoating of fossil fuels put the US and the dollar in an even more vulnerable position.

Watch this week’s Gold Spot to hear Scottsdale Bullion & Coin founder Eric Sepanek & Precious Metals Advisor John Karow discuss the ramifications of a dethroned dollar and how investors can protect their wealth with gold and silver.