Baltic Dry Index. 1489
LIR Gold Target by 2019: $30,000. Revised due to QE Programs.
"Liberals have practised tax and tax, spend and spend, elect and elect but conservatives have perfected borrow and borrow, spend and spend, elect and elect."
George Will
Stay long gold and silver, the great push to abandon the dollar reserve standard just took a big step forwards. While Rio Tinto may not have any actual plans to start pricing iron ore in yuan yet, it’s a logical development for China as a major importer. It doesn’t take a genius to see where this is leading, especially with America running trillion and a half dollar deficits out forever, as seen from London. Deficits don’t matter, said George Bush’s V.P. Dick Cheney, forgetting the part that deficit’s don’t matter until suddenly one day they do. How long before OPEC gets the same idea?
"A disordered currency is one of the greatest political evils."
Daniel Webster
Rio Tinto to study pricing iron-ore in yuan
3rd June 2011
MELBOURNE – Global miner Rio Tinto said on Friday it would study the possibility of switching iron ore price settlements to Chinese yuan, though it had no current plans to do this.
"For us, it's a complex issue," Rio Tinto iron ore chief Sam Walsh told a business lunch, when asked whether there were any plans to switch to yuan for settling iron ore prices.
"It's certainly something we will be looking at and studying," he added. "We don't have any initial plans," he said, emphasising that having iron ore priced in US dollars was an important hedge for the company
http://www.miningweekly.com/article/rio-tinto-to-study-pricing-iron-ore-in-yuan-2011-06-03
"The gold standard, in one form or another, will prevail long after the present rash of national fiats is forgotten or remembered only in currency museums."
Hans F. Sennholz
GI.
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