Thank you for your reply. I was hoping you would.
I've had people much smarter than me tell me that the dollar as the world's reserve currency is dead, and that Russia, China, and Iran are hand-shaking this deal in anticipation of that. They have also told me that if you look at history, this actually happens all the time, the only exception is gold. Countries have always defaulted to gold.
My understanding of the article was China's concern of the Ruble being strong enough to supplant the Petro-Dollar. I'm curious to see if RCI start trading petroleum in Rubles, not the dollar (or Petro-Dollar). Because that will hurt. In limited research it appears that the deal was approved, but I'm not hearing anything about it in the MSM so I really don't know what it means long term.
It's no secret that China is hoarding gold, and has supplanted the U.S. as the world's biggest economy. China is setting themselves up quite well for the future by hoarding all of that gold. My understanding is that India missed the boat on the gold so instead they are buying up silver. I really wish I had invested in gold/silver back in '08 before it sky-rocketed.