Bolling at the Wealth Summit: China Buys Gold, Challenges U.S. Dollar [Watch]

NEWSMAX host Eric Bolling was a guest speaker at the Allegiance Gold Wealth Summit earlier this month. One of the topics Bolling covered was China’s challenge to the U.S. dollar.

“The U.S. dollar has always been the global reserve currency. If you trade a barrel of oil between Saudi Arabia and China, you trade it in U.S. dollars. So there’s a demand to secure dollars to make the transaction,” Bolling says.

“What’s going on lately, we’re $2,318.00 an ounce today; record high. It has a lot to do with the saber-rattling by China saying ‘We’re not going to do deals in U.S. dollars only anymore.’ They’re testing the waters to see if they can remove the U.S. dollar as the reserve currency for global trade.”

“If that happens, the demand, the bid underneath the dollar will evaporate.”

Watch the clip above.