Alpha Bullion is unable to fulfill orders from unverified accounts. To redeem PAX Gold tokens for physical gold products, please follow our verification process here.

3/2022

Are China and Saudi Arabia Working on Creating a Petroyuan?

Are China and Saudi Arabia Working on Creating a Petroyuan?

It has been reported that Saudi Arabia is entertaining the idea of pricing its oil in yuans. Pricing oil in yuans would tremendously undermine the US petrodollar and could even knock off the dollar as a reserve currency. Currently, the majority of oil is bought and sold using dollars. This forces countries to hold large amounts of dollars in their banks in order to purchase oil, which props up the dollar as the ultimate de facto world currency. 


Many OPEC countries have talked about using gold or other alternatives currencies instead of dollars but are met with great resistance. China understands this issue and has worked to set up an alternative system to the petrodollar: the petroyuan.

London Bullion Market Association to Ban Russian Gold

London Bullion Market Association to Ban Russian Gold

The London Bullion Market Association (LBMA) has currently suspended transactions with all six Russian silver and gold refineries. The ban of Russian refineries on LBMA’s “Good Delivery” list is part of the US, EU, and the UK sanctioned imposed on Russia for its incursion on Ukraine. LBMA will still accept Russian bars produced prior to the ban.

Load more posts

About

Alpha Bullion is an innovative service for redeeming PAX Gold tokens for real, physical gold. Each token acts as proof of ownership for 1 oz of gold stored at no additional cost in bar form in some of the most secure vaults in London. This provides all the stability benefits offered by precious metals without the burden of storage or shipping. It also allows for a market first feature, as the potential for cryptocurrency loans using PAX Gold would allow customers to essentially earn dividends on precious metals. This unique bridge between the ancient and the innovative has already drawn attention from press such as Coindesk and Jim Cramer of Mad Money. Learn more by following select external articles on our blog, and stay tuned for more original content from Alpha Bullion.

Categories

  1. General (53)