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TenKay

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TenKay

Re: diamondguru-one post# 109691

Sunday, 10/09/2016 11:29:29 AM

Sunday, October 09, 2016 11:29:29 AM

Post# of 222495
"yuan is GOLD BACKED...look it up.....NEXT !!!!"

Nonsense. They have a price fix established in April, 2016. Look up the difference between a "currency price fix" and a "gold backed currency".

If the yuan was "gold backed" there would be no variation in the yuan price for gold over time. But of course if anyone does "look it up" they will see the price continues to vary as the price of gold by the other price fixes (USD, Pound, Euro) varies also.

Its a price fix, that is all. And the Yuan is no more "gold backed" than the USD, Pound or Euro are.

smh
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