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Turkey repatriates gold from US in bid to ditch dollar

By ethan / April 20, 2018

Ankara has decided to bring back all its gold stored in the US Federal Reserve, according to Turkish media. In recent years, Turkey repatriated 220 tons of gold from abroad, and 28.7 tons was brought back from the US last year. Turkey’s gold reserves are estimated at 564 tons and are worth about $ 20 […]

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Russia & Iran drop dollar trade by extending oil-for-goods supply agreement

By ethan / April 19, 2018

The first delivery of Iranian crude oil to Russia under the oil-for-goods program has been completed and the sides aim to extend the deal for five years, according to Russian Energy Ministry Aleksandr Novak. “The agreement is effective; it has been extended for the year, but in general, we think it should be extended for […]

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Gold bullion to rally on weaker dollar, rising US inflation & deficit – analyst

By ethan / April 18, 2018

The second quarter expects to see another gold rally pushed by strong physical demand and the weaker US dollar, according to Boris Mikanikrezai, precious and base metals strategist at Metal Bulletin. “The resilience of gold prices in spite of the substantial wave of speculative selling since mid-March (~71 tones, corresponding to a 17 percent drop […]

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Moscow wants to get rid of dollar & euro payments in oil trade with Turkey and Iran

By ethan / April 9, 2018

Russian Energy Minister Aleksandr Novak said the country is considering an option of payments for oil in national currencies, in particular with Turkey and Iran. According to him, both countries are interested but there is also a matter of conversion of currencies and their further use. “There is a common understanding that we need to […]

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Death of US dollar? China launches petro-yuan to challenge greenback’s dominance

By ethan / March 26, 2018

The highly anticipated yuan-backed crude oil futures have been launched in Shanghai. China is the world’s biggest oil consumer, with eyes on rival benchmarks Brent and WTI as well as the US currency. Trading of the new oil futures contracts for September settlement started on the Shanghai International Energy Exchange at 440.20 yuan ($ 69.70) […]

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