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World Conspires to Abandon the Dollar - Good News For SPDR Gold Trust (GLD)

By Reggie Abaca, Published: October 5th, 2009 10:12 PM CDT

Journalist Robert Fisk reported today that Middle Eastern nations along with China, Russia, Japan and France are working together to end oil's pricing in dollars.  In what he said were, "secret meetings," finance ministers are apparently planning on a way to move oil's pricing into, "a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar."

Most notably, he writes:

"The transitional currency in the move away from dollars, according to Chinese banking sources, may well be gold (GLD)."

There were no other significant details about the alleged plans.  Fisk, who speaks Arabic, has been voted International Journalist of the Year seven times and is world renowned for his conflict reporting.  He is the Middle East correspondent for The Independent.  Conservative website, The Drudge Report, carried the story as a headline, "Arabs Plot To Drop Dollar," for the entire day.

Related: GLD

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