Special Consultant to the FPA
Well, in general, yes, expectations are high from this meeting. But all these processes are going to be slow. Nobody will make drastic moves. S. Arabia already is selling oil in Chinese RMB, selling US Treasuries. The process is already underway. But adoption of new currency is a long-term run. I expect, that they could make an official announcement of Agreement and intention to create it, but hardly it appears this year.Sive, There is a lot of talk about the BRICS meeting next week [22 August] and that Saudi Arabia has applied to join the group. It is probable that Saudi Arabia will then break the petrodollar agreement with America and sell its oil in currencies other than dollars…it will be a MASSIVE blow to America and could be what leads to the dollar losing its reign as the global reserve currency of the world and creating a massive profit opportunity in the currency markets. If this takes place, what do you think will happen to the price of GB/US - EU/US - and Gold?
But, in general you're right - the process underway. US leaving Eastern EU, closing liberal programme and the same should happen soon in Middle East. They just need to invent some legal background, how to perform this in media.