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View Full Version : Russia and China Drop Dollar - Massive Good News for Silver!



Edmund Law
24th November 2010, 09:26
St. Petersburg, Russia - China and Russia have decided to stop using the US dollar and start to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday.

"About trade settlement, we have decided to use our own currencies," Putin said at a joint news conference with Wen in St. Petersburg.

The yuan has now started trading against the Russian rouble in the Chinese interbank market, while it will soon be allowed to trade against the rouble in Russia, Putin said.

"That has forged an important step in bilateral trade and it is a result of the consolidated financial systems of world countries," he said.

Putin made his remarks after a meeting with Wen.
Source: China Daily. Strangely not picked up much in the western business media as yet.......I wonder why?
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This is bullish for silver as both countries, especially China, are rich in silver. Russia has a fair amount of gold.

silverheartbone
24th November 2010, 09:48
St. Petersburg, Russia - China and Russia have decided to stop using the US dollar and start to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday.

"About trade settlement, we have decided to use our own currencies," Putin said at a joint news conference with Wen in St. Petersburg.

The yuan has now started trading against the Russian rouble in the Chinese interbank market, while it will soon be allowed to trade against the rouble in Russia, Putin said.

"That has forged an important step in bilateral trade and it is a result of the consolidated financial systems of world countries," he said.

Putin made his remarks after a meeting with Wen.
Source: China Daily. Strangely not picked up much in the western business media as yet.......I wonder why?
------------
This is bullish for silver as both countries, especially China, are rich in silver. Russia has a fair amount of gold.
As the psychopathic banksters react to this change, if history is any guide, expect lots of misery and murder as a result.

SilverJim
24th November 2010, 09:49
St. Petersburg, Russia - China and Russia have decided to stop using the US dollar and start to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday.

"About trade settlement, we have decided to use our own currencies," Putin said at a joint news conference with Wen in St. Petersburg.

The yuan has now started trading against the Russian rouble in the Chinese interbank market, while it will soon be allowed to trade against the rouble in Russia, Putin said.

"That has forged an important step in bilateral trade and it is a result of the consolidated financial systems of world countries," he said.

Putin made his remarks after a meeting with Wen.
Source: China Daily. Strangely not picked up much in the western business media as yet.......I wonder why?
------------
This is bullish for silver as both countries, especially China, are rich in silver. Russia has a fair amount of gold.

Don't look now but Drudge just slapped this up front and center as his main headline. Now it will get some play.

http://www.drudgereport.com/

Matthew Shelley
24th November 2010, 10:20
St. Petersburg, Russia - China and Russia have decided to stop using the US dollar and start to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday.
"About trade settlement, we have decided to use our own currencies," Putin said at a joint news conference with Wen in St. Petersburg.
The yuan has now started trading against the Russian rouble in the Chinese interbank market, while it will soon be allowed to trade against the rouble in Russia, Putin said.
"That has forged an important step in bilateral trade and it is a result of the consolidated financial systems of world countries," he said.
Putin made his remarks after a meeting with Wen. Source: China Daily. Strangely not picked up much in the western business media as yet.......I wonder why?------------
This is bullish for silver as both countries, especially China, are rich in silver. Russia has a fair amount of gold.

It is news if some importance, but why you consider it "Massive" for Silver is beyond me. I grew up on the trading floors and whenever we heard someone using the word 'massive' as a descriptive in terms of a market, we always knew that: A. The person was new to the markets., and B. It was probably a good idea to look at the other side of the trade.

I wonder why it took so long for the Russians and the Chinese to get around to this. It comes under the category of, they are finally tired of pissing at each other, and they're going to stop paying JPM, GS, and the other major forex dealers the extra tiny percentage to convert their currency. It is also an incremental step that the Chinese are making in saying they are getting a bit tired of dealing in Dollars. It may be of some importance to the energy markets, and it may have an effect on the Russian retail market.

It would be much more of a big deal if the Chinese were to announce that they were doing the same thing with the Japanese, Koreans, or Europeans.

PS, Let me know if the Chinese are considering letting the Yuan truly free float. That would be big news.

Matthew C. Shelley
Commodity Broker

As always: Trading in futures and options is very high risk investing. You can lose all or more of the money you invest. Only risk capital should be used.

valerb
24th November 2010, 11:08
Don't look now but Drudge just slapped this up front and center as his main headline. Now it will get some play.

http://www.drudgereport.com/

I'll be surprised if this gets a lot of attention as they have been talking about this for some time now.

AgShaman
24th November 2010, 11:41
They'll use their own fiats for trade....but what they'll do with their dollars is the bigger question?

Send 'em back to the U.S. on a boat? Maybe they plan to outright flood the American market with some big commodity purchases.

Get set for the screws of inflation....they could be turning and headed your way soon.

Curiosity will not kill this Cat!

silverheartbone
24th November 2010, 11:57
They'll use their own fiats for trade....but what they'll do with their dollars is the bigger question?

Send 'em back to the U.S. on a boat? Maybe they plan to outright flood the American market with some big commodity purchases.

Get set for the screws of inflation....they could be turning and headed your way soon.

Curiosity will not kill this Cat!
Let us hope that they will use them wisely to buy the silvery commodity. http://forums.silverseek.com/images/smilies/icon_wink.gif

China, Russia quit dollar (http://www.chinadaily.com.cn/china/2010-11/24/content_11599087.htm)
By Su Qiang and Li Xiaokun (China Daily)

http://www.chinadaily.com.cn/china/images/attachement/jpg/site1/20101124/0023ae73cfef0e569b3f59.jpg

Edmund Law
24th November 2010, 12:41
'Massive'..well we shall see. The future will be the judge of this. I think it will be seen in retrospect as a key development. I will review in 3 months on this forum.

ccjoe
25th November 2010, 06:10
I agree with you Edmund as I thought the same as you when I first saw this yesterday.
One more dip though:)