Russia also ready to abandon the dollar

Russian Prime Minister Vladimir Putin annouced this week they are ready to consider using the Chinese and Russian national currencies when doing oil and gas deals with China, instead of the US dollar.  They will join Brazil who recently agreed to trade with China in yuan (chinese currency) instead of dollars.  Along with the annoucement last month from Iran that they are dumping the dollar to use the euro in their Oil Stabilisation Fund, to “protect itself from the fragilityof the US economy and the weak dollar” according to Iranian state radio.

While we think the US dollar is toast in the long run, there is so much negative news on the dollar coming out all at once that it makes us just a tiny bit suspicious.  Regardless, the dollar continues to fall while just about everything else rises.  In particular gold, silver and resource based currencies like the Canadian, Australian and New Zealand dollars.

Get Free Gold & Silver Tips and Deals!

  • Get weekly news and tips on buying, storing, and selling gold and silver.
  • Be the first to know about limited quantity gold and silver deals.
  • Get our free 19 Nuggets on Buying Gold and Silver guide right away to help you become a bullion expert.
Email Address *
First Name
*Required Fields
Note: It is our responsibility to protect your privacy and we guarantee that your data will be completely confidential.

Leave a Reply

Your email address will not be published.