Submitted by QTR’s Fringe Finance
Remember back when the Russia/Ukraine war had just started, and I predicted that Russia and China would launch their own gold backed currency?
At the time, this idea sounded completely foreign, and I was ridiculed for bringing it up. Today, it just become reality. 41+ countries look like they could be returning to a gold standard.
There You Go – It’s Official
‘BRICS planning to introduce new trading currency backed by gold at August summit’
‘Gold standard will be a great benefit to strengthening single currency’
‘41 countries have applied for BRICS-membership’
Source: RT / Russian Embassy pic.twitter.com/zmqOKiXlsa
— Willem Middelkoop (@wmiddelkoop) July 7, 2023
The images plastered all over RT this weekend had headlines like “New Money, New World” and “Gold Standard Will Be Of Great Benefit To Strengthening New Singly Currency”.
“The official announcement is expected to be made during the BRICS summit in August in South Africa,” Kitco reported over the weekend.
“At first glance, a new transaction unit, backed by gold, sounds like good money – and it could be, first and foremost, a major challenge to the US dollar’s hegemony,” Thorsten Polleit, chief economist at Degussa, said.
He continued:
“For making the new currency as good as gold, a truly sound currency, it must be convertible into gold on demand. I am not sure whether this is what Brazil, Russia, India, China and South Africa have in mind. Using gold as money, the unit of account would be a true game changer, no doubt about it. It could lead to a sharp devaluation of many fiat currencies vis-à-vis the yellow metal (including the BRICS fiat currencies), and it could catapult up goods prices in terms of fiat currencies. It could be a shock to the global fiat money system. I am not sure that this is what the BRICS wish to achieve.”
The official announcement of the new currency is expected in August during the BRICS summit in South Africa.
Even more shocking than the announcement is the cavalier attitude that United States Treasury Secretary Janet Yellen appears to be taking to the news. In statements I can only describe as completely delusional, Yellen said this weekend:
“I just want to reiterate what I’ve said in the past, which is 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].”
That’s one she’s going to want to take back at some point, I’m certain.
Meanwhile this announcement from BRICS is a key waypoint in a larger map of dethroning the U.S. dollar as the world’s global reserve currency. Not only does it solidify what we already know — that gold is real money — but it is also the most pronounced public challenge to the U.S. dollar on the global stage in recent memory.
It’s also a serious waypoint in a much larger map of U.S. de-dollarization that I laid out in full just 2 months ago in a length, multiple hour longform interview.
In that must-listen interview, my friend Andy Schectman told me: “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 they have lined up in a queue [to join BRICS].”
The next thing I’ll be looking for will be cooperation from the Saudi’s who, because of their dominance in oil markets, can help affect the change necessary to grow this new currency.
Andy continued, telling me back in May:
“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. It’s a tsunami of dollars,” Andy concluded. “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?”
Lest we forget, simple, common sense.
I’ve argued for de-dollarization not because I’m unpatriotic or I want bad things to happen to the U.S. — just the opposite. Simply because the case becomes common sense when examining how we have abused the dollar’s reserve currency status, most recently weaponizing our currency as result of the Russia/Ukraine war.
When a gold backed currency makes its way onto the global trade stage, it’ll be taken seriously because the rest of the world will have the same common sense realization that we already have. And this is why I believe, no matter what skepticism you may hear from dollar bulls, the wheels are already in motion.
For a list of what I own and how I’m personally positioning myself, check out my portfolio review, released just a couple of days ago.
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Question 1: what happens if enough people convert all fiat into gold and then those countries have no gold to give out on demand? What happens to the system?
Question 2: what happens if a few people are able to get most of the gold? I assume the rich, the REALLY RICH, could find a way to get most of it.
A 1: It would show that the system wasn’t really backed by gold. (Like the USA in 1970.)
A 2: He who has the gold makes the rules. So probably China and, to a lesser degree, Russia.
Don’t forget about India.
Rupees? Garbage.
Gold?
Pradeep and VJ aprrrooooob dis message.
Now you understand the Deagal Report…and why they want us all dead. THEY OWE US LOTS OF MONEY!
I enjoy QTR’s commentary on Zero Hedge, and glad to see him here on TBP. But I know from personal experience that being early in investing can be exactly like being wrong.
I have silver bought at $10/oz and more bought at $25/oz, and am not sure which is which and even worse, not sure where the hell it’s buried. CRS is real for us geezers!
Used to have a tee shirt saying “I suffer from CRS”…but I can’t remember if I wore it out or lost it!
Nitro, sounds like you have a good problem. When you bought and how much you paid will not be relevant..
“It’s official” that “they’re planning to”
WOW! Color me floored.
It’s just a settlements system. There won’t be paper notes circulating to ordinary people that can be redeemed for Gold. National banks will simply update ledgers at each end.
Aand, the race is on!
Personally I use whatever fiat money I can get and convert it to pm’s mainly because its a solid wealth protector. You get virtually nothing in the way of interest if you keep your money in the bank, so why keep it there?? I see it as a better method of funding ‘retirement’ than any rrsp or other ‘savings’ instrument. Love how they label them instruments today, lol.
Also looking at what happened in Venezuela when their fiat crashed, the banks slammed the doors shut and you were ‘allowed’ to withdraw something like $20/day for basic needs. On top of that you had to run the gauntlet of those wanting to relieve you of your 20 bucks. Bullets, bean and gold, better than fake cash any day of the week.
Smarter than your average moose.
Many would argue against that
Heard by a fly on the wall at Langley…
“Sonofabitch!
We nipped this threat in the bud in Libya, when that raghead tried to launch gold & silver dinars. We went, we saw, he died.
But, how TF are we supposed to exterminate the heads of 41 other countries???
Somebody get Lynn de Rothschild on speed dial. This is a much larger fish to fry, and, it’s gonna take a ton of fiat dollars, British pounds, Canadian doe-lahrs, Australian Qiwi, and…damnit, man! We don’t have the manpower anymore!!!”
…winning.
World War.
Coming soon, to theaters near you
“We don’t have the manpower anymore!!!”
Uh, hey Boss, I think you meant to say “person-power”, but if you give me that promotion I’ve been hoping for, I won’t report you to the Ministry of Truth.
Here’s a question for Canadians:
Given that Canada has ZERO gold reserves what happens the value of the CDN dollar when the world moves back to a gold standard?
I’m not buying it. There will never be a gold standard again. Fiat is like having possession of the ring. Too much power.
That presents an interesting conundrum:
How did the previous Gold standard start?
Why am I still able to buy Canadian Gold Maples?
Canada buys gold and mints Maples
.
nm. need glasses.
Canada produces a lot of gold.
Canada produces a lot of gold. It has no official reserves. It sold them off years ago.
India may be waffling on that deal.
Future headline.
Brics invaded by the USA!!
” we have abused the dollar’s reserve currency status”
no, “we” have not. the radhanite jews have abused the dollar as a weapon.