Gold

Impact

<p><strong>The new gold-backed BRICS currency could be closer to being issued than many think.</strong></p> 
<h2 style="text-align: center;" id="introduction">Introduction</h2> 
<p>There’s a buzz about the BRICS alliance – a group of countries including Brazil, Russia, India, China, and South Africa – <a href="https://watcher.guru/news/brics-a-new-gold-backed-currency-for-trade-could-be-coming" target="_blank" rel="noopener noreferrer nofollow">possibly creating a new currency supported by gold</a>. The alliance members are amassing significant amounts of gold, especially China, Russia, and India. This development suggests the possibility of using gold as a foundation for a new currency.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">BRICS: A New Gold-Backed Currency For Trade Could Be Coming<a href="https://t.co/BL15nbdAhL" rel="noopener noreferrer nofollow">https://t.co/BL15nbdAhL</a></p> 
 <p>— TifaniesweTs (@TifaniesweTs) <a href="https://twitter.com/TifaniesweTs/status/1690290082421297152?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 12, 2023</a></p> 
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<h2 style="text-align: center;" id="growing-gold-reserves">Growing Gold Reserves</h2> 
<p>China notably added 21 tonnes of gold to its reserves in June 2023, signaling its interest in accumulating this precious metal. The central banks of BRICS countries are becoming prominent buyers of gold this year, hinting at a potential link between gold and a new currency.</p> 
<h2 style="text-align: center;" id="views-from-expert">Views from Expert</h2> 
<p>Andy Schectman, the President of Miles Franklin, shared insights, expressing the likelihood of a gold-backed currency emerging from BRICS. He stated that a new currency could emerge within months or a few years, potentially making a significant impact on global finance.</p> 
<h2 style="text-align: center;" id="the-inevitability-of-a-brics-currency">The Inevitability of a BRICS Currency</h2> 
<p>Schectman emphasized the inevitability of a new BRICS currency. He believes that as more nations distance themselves from the U.S. dollar, this alliance’s currency could become a prevalent choice. The alliance represents a substantial portion of the world’s population.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">💣BREAKING: Imagine a world where <a href="https://twitter.com/hashtag/BRICS?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BRICS</a> nations launch gold-backed currency bonds, with retail diving in headfirst. Behind the scenes, <a href="https://twitter.com/hashtag/XRPL?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRPL</a> tokenizes it all. A seismic shift in global finance, and guess what? This vision comes straight from <a href="https://twitter.com/JamesGRickards?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@JamesGRickards</a>! 🌍💰🚀…</p> 
 <p>— WallStreetBulls (@w_thejazz) <a href="https://twitter.com/w_thejazz/status/1689827960952700928?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 11, 2023</a></p> 
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<h2 style="text-align: center;" id="clarification-on-summit-agenda">Clarification on Summit Agenda</h2> 
<p>South Africa’s BRICS Ambassador, Anil Sooklal, clarified that while the summit will discuss deepening the use of local currencies in trading and settlements, the formation of a new currency is not on the agenda. The focus is on increasing the utilization of local currencies.</p> 
<h2 style="text-align: center;" id="saudi-arabia-s-role-and-expansion-of-brics">Saudi Arabia’s Role and Expansion of BRICS</h2> 
<p>Schectman highlighted Saudi Arabia’s significance in the de-dollarization process. With over 20 countries expressing interest in joining BRICS, including Saudi Arabia, the alliance’s expansion could lead to a substantial shift away from the U.S. dollar.</p> 
<h2 style="text-align: center;" id="the-petrodollar-and-saudi-arabia">The Petrodollar and Saudi Arabia</h2> 
<p>The petrodollar’s historical role has given the U.S. dollar a dominant position in oil trading. Schectman referenced the deal between the U.S. and Saudi Arabia in the 1970s, which anchored oil trading to the dollar. However, recent moves by Saudi Arabia, such as its involvement with the China-led Shanghai Cooperation Organization, indicate a potential shift away from the dollar.</p> 
<h2 style="text-align: center;" id="de-dollarization-and-global-impact">De-Dollarization and Global Impact</h2> 
<p>The trend of de-dollarization is gaining momentum and could have far-reaching effects. The combination of BRICS, the Belt Road Initiative, the Shanghai Cooperation Organization, and the Eurasian Economic Union represents a significant portion of the global population. The acceleration of de-dollarization could lead to a gradual but <a href="https://walletinvestor.com/magazine/brics-bank-president-urges-the-creation-of-a-global-south-focused-financial-system" target="_blank" rel="noopener noreferrer nofollow">impactful transition away from the dollar</a>.<br> <iframe loading="lazy" title="YouTube video player" src="https://www.youtube.com/embed/_rZQrJkyhL0" width="560" height="315" frameborder="0" allowfullscreen></iframe></p> 
<h2 style="text-align: center;" id="conclusion">Conclusion</h2> 
<p>The emergence of a new currency from the BRICS alliance, potentially backed by gold, marks a significant shift in global trade dynamics. While there is ongoing discussion about the exact nature and timing of this currency, experts like Schectman believe it’s only a matter of time before it becomes a reality. The evolving global landscape, changes in alliances, and growing interest in alternative currencies suggest that the world’s financial system could undergo substantial changes in the near future.</p>

BRICS Alliance’s Potential Gold-Backed Currency for Global Trade

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