Rafi Farber on the Silver Bottom and a Gold BRICS Currency

The bottom in silver is finally in. In retrospect, it’s been in since June 23 at exactly the 200-week moving average, and the pattern of higher highs and higher lows continues since September.

Regarding the rumors of an imminent BRICS gold-backed currency, Rafi Farber says don’t get too excited. In order for it to work, it would have to be directly convertible into gold, and doing that would mean the collapse of the currency BRICS currencies and their respective banking systems.

And while central bank gold buying is indeed at historic highs, there is little historical evidence that central bank gold buying affects the price of gold all that much, or even at all.

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