The rampant reports of the dollar being phased out as the oil currency sent gold on an expected run today. The precious metal finished the day at $1042 per ounce. It's partner silver was right behind, going over $17 per ounce. The run came after a report that the Chinese along with other nations are working a deal that will phase the dollar out as the currency of choice for oil trade. Making things even more interesting was the fact gold was added to rumored equation.
This would of course explain the Chinese move to buy up gold and prompt their citizens to do the same. China is making a major push to become the world's number one economic power and they are succeeding. It is time for the United States to work closely with the Chinese as the two become more reliant on each others' economic stability. Interestingly enough, as these powers race in the economic world and create economic allies, the ideal of a more stable, peaceful world draws a bit closer. Nothing promotes peace more than economies which are reliant on each other.
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