This should cap the dollar! The major news that nobody cares about is China has now announced something we’ve been anticipating for quite some time, which is they are now going to be invoicing their oil imports in renminbi. ... This means that China will have bilateral trading arrangements with Russia and the other major countries, such as Iran, that provide energy to China
Just another development for the Shanghai Cooperation Organization. Many of us have been expecting exactly this sort of move. You'll need to be thinking on which side of the dollar your marmalade belongs. Some of us further expect that gold will ultimately be the unit of reckoning, however.
That is big news, Iran is an OPEC nation too, maybe they are finally going rogue, this is bullish for gold for sure. Beginning of the end of the petro-dollar? I bet the US military suddenly finds "WMD" in Iran.