China Inks Deals to Back Yuan With Gold

The United States is “scared to death” of Chinese plans to back the yuan with gold, money manager Stephen Leeb said on Tuesday.

The remark came after China’s state-owned gold company Zijin Mining Group signed two partnership deals with gold mining companies on Tuesday, including one with Barrick Gold—the largest gold mining company in the world.

China’s efforts to secure more gold stand in stark contrast to Western strategy. Not a single United States bank sells physical gold.

Leeb remarked that the Chinese want to make gold an active and meaningful part of their monetary system, which will send gold prices skyrocketing. Once this happens, Leeb said, it will be “game over” for the U.S. dollar and U.S. world dominance.