Wasn't the idea initiated by Gaddafi? Where he failed, the others likely to succeed, when other super powers get involved.
Where's Gold heading from now!
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A move to reduce the US dollar's dominance of global markets — is expected to support the gold price.Following the Islamic Summit in Kuala Lumpur earlier this month, Iran, Malaysia, Turkey and Qatar announced they are exploring the idea of trading in gold. The Malaysian Prime Minister explained, “I have suggested that we re-visit the idea of trading using the gold dinar and barter trade among us. We are seriously looking into this and we hope that we will be able to find a mechanism to put it into effect”.A number of other countries, including China and Russia have also been moving to reduce their reliance on the US dollar and adding to their gold reserves. If this trend of ditching the USD continues, it can only be good news for gold.
