Actually Jeff oil will more than likely be traded for grain than gold. It wasn't that long ago this was occurring. A bushell of wheat from the US for a barrel of oil from the Saudis.
You want to believe gold is the physical commodity of choice for transactional settlements. The reality is there is a need for other commodities to fill that role first, particularly where the resource base for essentials is import dependent. You can't eat gold.
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