"...The Chinese are going to eventually use their massive gold holdings to back the renminbi. This is all part of their plan to dramatically increase the use of the renminbi in international transactions. Their biggest trading partners in the East have already abandoned the dollar for the renminbi in regional transactions.
But the renminbi will eventually be partially backed or entirely backed with gold. I told you in our interview in late September that when I was asked to give the speech to the Chinese government officials at the Chinese Gold Congress, the Russians were surprised and listening very intently as one of the Chinese government officials said that the renminbi, which is becoming internationalized, should have a gold backing. The Russians were surprised because they know this will change the world as we know it. It will mean the end of Western dominance...”