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  • Writer's pictureConnie Chan

BRICS summit in August to revolutionize monetary system.


BRICS summit in August to revolutionize monetary system.
BRICS summit in August to revolutionize monetary system.

At the BRICS summit on August 22, a new currency is to be announced which will be pegged to commodities, and gold in particular.

Central banks around the world bought almost 230 tons of gold in the first three months of this year, which is the most buying of gold in a single quarter that has ever been seen.


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BRICS summit in August to revolutionize monetary system. Precious Metals Price Suppression

The current low price of gold may suggest that the precious metal market is being controlled by major commercial banks on the LBMA and COMEX exchanges. Despite allegations of price suppression, some large entities are taking advantage of the low prices to acquire gold and silver in anticipation of a future where tangible assets hold more value than fiat currency. The recent drop in gold and silver prices, caused by significant short selling, could be a last-ditch effort by western commercial banks to prevent a surge in these metals, which could potentially undermine the value of the US dollar. BRICS summit in August to revolutionize monetary system.


The BRICS Nations

The term BRICS refers to the original five countries in this trading block, namely China, Russia, India, Brazil, and South Africa. Currently, 25 other countries including Saudi Arabia are formally applying for membership in BRICS. These nations hold and produce a significant share of the world's resources, with China and Russia being the 6th and 7th largest gold producers, and Saudi Arabia and Russia being two of the three largest energy producers in the world. BRICS also comprises four of the seven largest countries in the world by land mass, namely China, India, Brazil, and Russia, as well as four of the nine largest populations. Given that the BRICS nations account for 50% of the world's wheat production, they possess a massive amount of power. If they decide to put up a rival reserve currency to the dollar, it will be essential to take them extremely seriously.


Creation Of A New Bond Market

According to some analysts, a BRICS reserve currency may face challenges without a robust bond market to support it. However, economist Jim Rickards suggests that creating a bond market in approximately 20 countries simultaneously could make it feasible for BRICS+ to establish the currency. With the BRICS' significant population, retail investors may be enticed to invest in the bonds, similar to the Liberty Bonds used in the US to finance the war in 1917. If this were to occur, it could potentially alter the world order due to the current financial upheaval and turmoil in the West, where currency is not backed by anything. Retail investors may want to consider safeguarding themselves with gold, silver, and bitcoin before it's too late.


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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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