'Yeah some of the major news outlets are reporting it as well. So its very likely true. Now what fallout occurs from this? That's beyond my base, so I'll yield to teh "experts".'

I am certainly not an expert but I do follow oil news enough to play in oil commodities occasionally. Instead of commenting I will quote a couple of more paragraphs from Fisk's Independent article...

'The Americans, who are aware the meetings have taken place – although they have not discovered the details – are sure to fight this international cabal which will include hitherto loyal allies Japan and the Gulf Arabs. Against the background to these currency meetings, Sun Bigan, China's former special envoy to the Middle East, has warned there is a risk of deepening divisions between China and the US over influence and oil in the Middle East. "Bilateral quarrels and clashes are unavoidable," he told the Asia and Africa Review. "We cannot lower vigilance against hostility in the Middle East over energy interests and security."'

...but it's this paragraph that holds the key sentence...caps mine...

'This sounds like a dangerous prediction of a future economic war between the US and China over Middle East oil – yet again turning the region's conflicts into a battle for great power supremacy. China uses more oil incrementally than the US because its growth is less energy efficient. THE TRANSITIONAL CURRENCY IN THE MOVE AWAY FROM DOLLARS, ACCORDING TO CHINESE BANKING SOURCES, MAY WELL BE GOLD. An indication of the huge amounts involved can be gained from the wealth of Abu Dhabi, Saudi Arabia, Kuwait and Qatar who together hold an estimated $2.1 trillion in dollar reserves.'

...me again...Back when China disclosed that they were stockpiling gold, and Russia admitted to gold stockpiling shortly afterward, I posted a muse...'What if the Chinese issue a new currency backed by gold?'...I also speculated that there would probably be some movement out of all fiat currencies (backed by nothing) into any new currency backed by gold...It was simply a wild azz guess on my part...a 'what if' moment. IMO, this is the biggest macro economic story so far this year if it's true...because of the follow on events that will spring from the actions of oil producers accepting something other than dollars for oil.

This is a crossover story...poli board/money talk...imo...

Just checked spot gold...$1,020.50...not at all a meteoric rise since US mkts closed yesterday but a solid move up.

Way past my bed time...nite all...