Tuesday, May 23, 2006

NOW RUSSIA TO OPEN ITS OWN OIL BOURSE... DOLLAR UNDER ATTACK FROM ALL SIDES

Russia will begin trading in gold, oil, and oil futures beginning June 8. Transactions will take place in rubles. This is another afront to American dominance worldwide and a direct attack against the US dollar's status as reserve currency of the world. With the Iranian bourse slated to come online soon (trading in euro's), this news cannot be welcome to the White House. How will we deal with such blatant attempts to co-opt US power worldwide? Will these new exchanges further weaken the dollar and lead to its eventual collapse?
The Russian Trading System, Russia's premier stock market, announced Monday that it would start trading in gold, oil and oil products on June 8.

The announcement comes in the wake of President Vladimir Putin's state of the nation address May 10, when he said Russia, as a leading oil exporting nation, should establish its own oil exchange to trade crude and petroleum products for rubles.

"The first trading in contracts for gold will commence in Russia on June 8," the RTS said in a statement.

The stock exchange also said it would start trading in futures and options on oil and oil derivatives, including Urals brand, diesel fuel, jet fuel and fuel oil. Trade will be in rubles based on prices calculated by the Platts agency. The settlement period for a contract is one month and the minimum security guarantee on a contract is 10% of its overall value.


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