BRICS To Announce New Gold Standard in August?

Thursday June 22nd 2023 Monaco 64 home of alternative economics and can trans views we're going to look at the bricks today are they going to announce a new monetary system or some even think a new Reserve currency in August I'm not too sure I I'm not privy to their private uh conversations and what they've planned the leaders of those countries but some people are speculating that

they are and that's what we're going to look at today before I start I like to say that uh I've been talking about the move away from the petrol dollar for almost six years now I have a a playlist called the Petro dollar files I also have one of my top videos in terms of views uh was from September 6 2017 and it was entitled China

delivers knockout blow to Petro dollar that was a part one video there I think there's three parts three videos on that topic many people at the time thought after a few months or a year they said oh you you said it was the end of the petrol dollar and nothing's happened but I warned back then that this was a project that was going to take many

years because the petrol dollar or the dollar system it is like a super tanker it takes time for things to change for the attack for the uh the tanker super tanker to attack it's not like a dinghy it's not just like a little puny uh currency so it's taken many years because China along with Russia and other countries they've built the infrastructure for a new monetary

system and maybe even a new currency but I don't think they want a a major Reserve currency uh the brics countries I think they just want to trade amongst themselves and back their currencies uh by gold most probably because that's the only uh way uh to back a currency that has been successful over millennia what we've had since 1973 with the Petra dollar is an aberration

and I think it's about to end and it creates a lot of problems as well for the country that runs that system because all the other countries in the world they want to sell to that country so they can earn dollars so they can deal with other countries in dollars so it creates all these distortions uh the US has had this um exorbitant privilege I think

want to trade amongst themselves and make sure that their own uh currencies are sound so they they can trade uh goods for goods not the speculative uh Fiat uh confetti that we have these days so I recommend you uh go into my Petro dollar files and look at it to look at the uh origins of the Petro dollar as well this has been a a very

long uh long process of yeah chain changes in the monetary system and I think we're gonna get a new monetary system at least some people are speculating announced in August of this year and it's very possible at The Brick Summit and we haven't really had a monetary system since 1971 and that's not me saying that that was a form of fed uh official uh former economist

uh John axter he said that uh it was a known system after Nixon closed a gold window uh dollars and all other Fiat currencies are I owe you nothings so yeah the the bricks uh they're gonna have their Summit in South Africa August 22nd to August 24th and if you noticed that the more this bricks uh system currency system or whatever you want to call it

gets implemented the more geopolitical tensions we get like Taiwan uh Ukraine uh sanctions and I think that's all related to the negotiations behind the scenes uh between the brics countries and the United States representing the West it's all about negotiations of the new system and it looks like uh Jim Rickards who I've had on on the channel uh probably back in 2020 I interviewed him I

hadn't had him since then he he's writing and I don't know where he gets his uh information from but he says that the biggest monetary shock in 52 years and I'll put a link to this article Below in the description you can read the whole thing I'm not going to read the whole thing but he says I recently revealed that the so-called bricks plus oh yeah

and the bricks of course uh they're not just gonna be uh these five countries Brazil Russia India China and South Africa it's going to be a lot more there's like 20 or 29 a lot more that want to joined I think the whole world uh almost will join eventually even president macron has asked to be an observer at the summit and this is official here it

came from the foreign minister of France who went to visit the Herrera South African counterpart I think this Monday and macron is just waiting for the the thumbs up from the South African president some people think he wants to spy or maybe he wants to have a ticket on the brics train the new brick system train monetary system who knows but it's quite interesting but back

to Jim Rickards um yeah he he says that they're gonna announce the creation of a new currency at its annual leaders Summit conference on August 22nd 24th I've got two comments about that first of all I don't think they're gonna announce a new currency I think they're gonna announce a new monetary system it will be a little bit like in the pre-World War one system countries

had their own currencies but they're all backed by gold or silver and they they traded within uh that uh that it wasn't really uh anything to do with one Reserve currency there are several Reserve currencies of course uh British pound was the major Reserve currency because it was the biggest economic and trading power so I don't completely agree with Jim Rickards there he could be right

though they could announce a new brics currency but I doubt it personally uh and the other thing I would say is I don't know where he got his information from because if they were going to announce a new system then uh I would have thought they wanted they'd want to keep it uh kind of uh a secret but uh who knows he might have his sources

and he says this will be the biggest upheaval in international finance since 1971 it's taking direct aim at the dollar I agree with that no problem there that that's when uh the brettonwood system collapsed and we got the non-system and uh am I uh telling you that you should have the brics currency that is the place to be and that the brics nations are going to

do really well no I'm just saying that uh this is going to be big and it's going to affect us as you'll see here as we go through this article it appears likely the new brics currency uh brics plus currency will be linked to a weight of gold and I agree with that this plays to the strengths of brics members Russia and China so I agree

with the weight of gold um idea there but I I think all all the currencies within the brics system will have a weight of gold this plays to the strengths of brics members Russia and China these countries are the two largest gold producers in the world and are ranked uh sixth and seventh respectively among the hundred nations with gold reserves one difficulty in considering the impact

of the new brics currency on the dollar is that all Dollar in indexes compare currency to currency but that's meaningless since the dollar euro and Sterling could all suffer from a loss of confidence at the same time and and I agree with him there and he's talking about the fact that all these Fiat currencies are are sinking and I've been saying that for many years I

even wrote about it back in 2007 way before I had this Channel and while I was still uh working in the city of London I said that all FIA currencies are sinking so we have to measure it uh all currencies versus gold if gold goes from 2 000 to 10 000 per ounce that is better understood as an 80 evaluation of the dollar from zero point

treble zero five ounces per dollar to zero point treble one ounces per dollar that's a collapse of confidence but you'll miss it if you're looking at Euros or Yen these currencies will all be collapsing at the same time so there you go uh all syncing and they have been for many years of course but it's going to accelerate now uh all we have to do now

is wait and see uh what happens in August on August 22nd 24th if they're really gonna announce a new monetary system or a a new new currency I I would uh be leaning more towards a new system and different currencies backed uh by gold and how that will affect the west of course is that we're going to have uh higher cost of living inflation is going

to stay elevated because our currencies are going to be worth less versus real things there will be higher interest rates because these countries are not going to be buying as many uh of our government bonds and uh yeah interesting times so there you go uh Rudy wanted to come down he's down below the desk now he's a little quieter I apologize for that I just wanted

to show you though um something that makes me believe that they are going for a new system or a new currency and we've spoken about this uh many times in the last six months because it happened last year and it's happening again this year and uh this uh Twitter handle here silver Santa says the bricks are looking up on gold like never before I wonder why

that is they're also working on a new common trading currency that will be backed by hard assets also yesterday the IMF stressed that cbdc's should be backed by hard assets I wonder what the perfect hard asset will be wheat rubber ribs pork pancakes LOL but yeah this is uh all the uh buying of gold by mainly brics Nations I I see that Singapore has been buying

a lot of gold this year even Poland is starting to buy gold uh I think these countries are aware that they're gonna have to diversify because they they do trade with the brics Nations so it says your fundamental gold a fundamental demand excuse me from Global central banks especially bricks plus Nations continues as gold now makes a greater percentage of Reserve assets than at any time

in the past 40 years so I'll leave it at that and uh we'll go and check uh where the markets are this morning it's 8 35 a.m London time today of course we got the bank of England decision at midday London time the markets expect them to to raise rates from four and a half to 475. I I don't think that's enough uh anymore they should

do at least 50 basis points and ideally they should raise it straight from four and a half to five and a half and keep doing that until they get the base rate above the the CPI rate ideally it would be above the RPI but I think I'd be asking them too much of course I don't think that's gonna happen so uh we've got spot gold trading

around 1929 it's down about three dollars uh the high has been 35 and the low has been 27. silver has been of course hit hard recently and I think uh yeah there's a lot going on behind the scenes uh some people that look at the comex and SLV they've noticed that there's been a lot of the silver that's been put in the vaults for delivery not

just for SLV but comex uh we'll see what happens with silver but I heard from uh Oliver temple from gold Investments and he said it's been quiet because the market uh the prices have been going down and it says people always buy when the prices are going up and they never buy when it's going down which is uh which is paradoxical but unfortunately that's the way

people feel about uh buying not just gold and silver but any any uh financial asset and it should be the other way around if you uh like uh something an asset or whatever you should buy it when it's cheaper but anyway right now spot silver is down 11 cents at 20 22.54 uh the low's been 49 and the high 75. uh Dow futures is down 110

points the NASDAQ 100 is down 45 and the s p is down 12. to the to the sinking Fiat currencies while Sterling is down a little bit not not that much at 127.50 the euro is unchanged uh the dollar is unchanged versus the Yen uh the dollar is up slightly versus the U1 uh the uh Aussie dollar is down a quarter of a percent at 67.80

and the dollars on change event against the uh Canadian dollar at 131.52 and the Kiwi dollars unchanged as well so not much change there to the general Commodities uh WTI Crude is down a third of a percent 72.25 uh Brent is down uh 0.4 at 76.82 uh Platinum is down five bucks trading at 940 high grade copper is up 0.2 of a percent trading at 391.50

and let's quickly check the uh guilt Market the two-year yield yield uh that's trading around 509 so still above five um I think it got up to like 517 yesterday but it's drifted back down a little bit esper uh the U.S uh treasury market yields there are pretty steady compared to the UK yields the 10 years up two basis points at 375 the two years at

uh 474 up three basis points with that I'm gonna wish you all a very good day take care bye