Business: Relationship between Oil, Gold and US dollar

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posted by priyal283 1507 days ago
Oil and gold prices are sky high these days on weak US dollar. So what is the relationship between oil, gold and US dollar? This article tries to explain it.
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  • Avatar | written by galnextdoor 1504 days ago Rating: 0 | Rate comment: + -

    The answer to that question begins with the historical desire of Arab producers to receive gold in exchange for their oil. This dates back to 1933 when King Ibn Saud demanded payment in gold for the original oil concession in Saudi Arabia. In addition, Islamic law forbids the use of a promise of payment, such as the US dollar, as a medium of exchange.

    • Avatar | written by garfield79 1504 days ago Rating: 0 | Rate comment: + -

      Wow nice article and nice comment good going.

    • Avatar | written by priyal283 1504 days ago Rating: 0 | Rate comment: + -

      I agree with you.


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