The Gold Standard Is Back: BRICS To Intro Gold-Backed Reserve Currency

The comments below are an edited and abridged synopsis of an article by Quoth The Raven

Brazil, Russia, India, China and South Africa—the BRICS countries—will announce a new gold-backed currency in August, during the BRICS summit in South Africa.

The Gold Standard Is Back: BRICS To Intro Gold-Backed Reserve Currency - BullionBuzz - Nick's Top Six
Ingot of gold weighing 100 grams on a black background. Selective focus.

US Treasury Secretary Janet Yellen appears to have a cavalier attitude to the news. She said: “…I think the United States can rest assured that the dollar is going to play the dominant role in facilitating international transactions and serving as a reserve currency in the years ahead.”

“I don’t see that role being threatened by any development including the one that you’ve mentioned [BRICS common currency].”

The BRICS announcement is key in dethroning the US dollar as the world’s global reserve currency. It solidifies what we already know—that gold is real money—but it is also the biggest public challenge to the dollar in recent memory.

It’s also a waypoint in a larger map of de-dollarization laid out 2 months ago in an interview with Andy Schectman, who said: “When you look at countries that have expressed interest in joining BRICS, they all have substantial gold holdings. The numbers are increasing among those who want to join, there’s over 60 countries… lined up in a queue [to join BRICS].”

“I do believe it’ll be a Sunday night. OPEC, the BRICS nations, Saudi Arabia—they come out and say on a Sunday night, we’re taking other currency for oil—and everything blows up Monday morning,” said Schectman. “It’s a tsunami of dollars. The pieces are being put into place right now. Nobody is going to have time to react.”

“Why the hell would central banks be buying more gold now than ever? They’re frontrunning. They don’t care about the technicals, they’re using the Western suppression of gold prices to de-dollarize. What does that look like when the world completely sheds dollars because they no longer need them to buy oil?”

When a gold-backed currency makes its way onto the global trade stage, it will be taken seriously because the rest of the world will have the same common-sense realization that we already have. No matter what skepticism you may hear from dollar bulls, the wheels are already in motion.