2006-08-09 06:12:47 · 4 answers · asked by playtoofast 6 in Politics & Government ➔ Politics
Gold is actually worthless except as jewelry and a few applications. The oil nations would have to convert the gold to money to buy things. If the price of gold falls, they lose....
So, I doubt that if they "demand" gold that they will receive it physically.
Wonder what would happen if the oil using nations would only offer $10 a bbl for crude, I think the OPEC gangsters would still sell, they are money hungry and want the products the world can sell them..... hard to eat sand and oil. But maybe that is what has made them so fanatical.
2006-08-09 06:29:17 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The middle east NEEDS us to buy their oil. They can cut production, and mess with the supply a bit, but only so much. Their economies DEPEND on selling us oil. They don't have anything else to trade with - the world market for goat cheese and figs isn't large enough to sustain them.
Love, Jack.
2006-08-09 06:18:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋
They already do. They sell the oil for $$$ then take the $$$ and buy gold.
2006-08-09 06:16:34 · answer #3 · answered by Albannach 6 · 1⤊ 0⤋
Why demand gold when they can have US Dollars; for they may hate America but they love our money. Isn't that ironic.
2006-08-09 06:16:45 · answer #4 · answered by netjr 6 · 0⤊ 0⤋