Valuation of metals
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 June 2014
Why valuation of gold, silver ,Petroleum products is done in terms of dollars..when 50% of petroleum products comes from middle east countries.........
Nikhil Kaushik
(Expert)
10 June 2014
well whether you believe it or not, till 1960s Indian Rupee was the dominant currency in middle-east.
US has followed a concept called dollar diplomacy since 20th century to establish economic dominance over the world.
while you are correct that substantial portion of petroleum products are from middle-east, these countries don't have the technology to harness these oil resources. US contractors do most of the oil drilling in this area.
for diamonds, another high-end product, US is the world's largest consumer. This helps US in demanding pricing in USD terms.
plus, given that world-wide USD is now the main currency for world trade, US is in unique position to decide the terms of the trade including the currency.
you may refer https://en.wikipedia.org/wiki/Dollar_diplomacy
https://www.vdare.com/articles/dollar-diplomacy-outsourcing-and-the-iraq-war
US has followed a concept called dollar diplomacy since 20th century to establish economic dominance over the world.
while you are correct that substantial portion of petroleum products are from middle-east, these countries don't have the technology to harness these oil resources. US contractors do most of the oil drilling in this area.
for diamonds, another high-end product, US is the world's largest consumer. This helps US in demanding pricing in USD terms.
plus, given that world-wide USD is now the main currency for world trade, US is in unique position to decide the terms of the trade including the currency.
you may refer https://en.wikipedia.org/wiki/Dollar_diplomacy
https://www.vdare.com/articles/dollar-diplomacy-outsourcing-and-the-iraq-war
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- GSTR9 Annual Return
- Employee secondment
- Ito add credit side of bank
- Applicability of tax on invoice
- Rectification under processing even after 6 months cpc portal
- Form 144 TDS Return Validation error
- GST ITC as per notification 12/2023- central tax
- Import of Capital Machine
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
