Huge Gold News From BRICS! It's GAME OVER For Gold & Silver Once This Happens - Andy Schectman
Huge Gold News From BRICS! It's GAME OVER For Gold & Silver Once This Happens - Andy Schectman
The Brics alliance is moving forward with plans to develop a common currency while advocating for the use of local currencies among member nations. This initiative seeks to mitigate the risks associated with reliance on the US dollar, as highlighted by South Africa's ambassador to China, Siyabonga Cyprian Cwele. Andy Schectman, CEO of Miles Franklin, suggests that the new currency aims to establish an independent price mechanism free from Western speculation that has historically suppressed gold prices, which are inversely correlated with interest rates.
Cwele mentioned that a working group comprising the finance ministers of BRICS member states would convene in May to discuss key issues and prioritize initiatives to enhance the stability of the international monetary and financial systems. Meanwhile, Russia's Deputy Foreign Minister Sergei Ryabkov noted that while a common currency is not a priority, progress could be swift, hinting at a potential solution within a year.
Andy highlights the discussions within British nations regarding the common currency, which would involve two baskets—one for currencies and one for commodities, potentially including gold. Following the February Brics meetings, Russia introduced the concept of a Brics Bridge platform for payments, with some members, such as China and the UAE, participating in similar cross-border central bank digital currency (CBDC) initiatives like mBridge.
Franco-Nevada Corp. Chairman Emeritus Pierre Lassonde emphasized China's growing influence in the gold market, indicating that the marginal buyer of gold is now predominantly China rather than the US or Europe. This shift underscores China's significant role in determining the price of gold, as it consumes over two-thirds of the annual production.
China has recently escalated its gold-buying spree, amassing a $170 billion stockpile amid growing concerns over a potential conflict with Taiwan. According to the World Gold Council, the People's Bank of China acquired 27 tonnes of gold in the first quarter of 2024, bringing its reserves to a record high of 2,262 tonnes.
Andy highlights a trend observed in Eastern European central banks, where gold reserves are being repatriated and purchases increased. He suggests a link between these actions and the BIS's reclassification of gold, indicating a directive to bolster and safeguard gold holdings.
In April 2024, China witnessed a surge in gold trading volume, spiking by 400% for the month. This coincided with massive accumulation by the People's Bank of China, retail investors, and institutional funds.
Moreover, Andy criticizes Western nations' weaponization of the dollar, particularly the US, which he argues creates tensions and incentivizes other countries to diversify away from the dollar. Elon Musk has echoed similar concerns, warning against the weaponization of currencies and predicting potential consequences for countries that overuse such tactics.
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