A few weeks ago Jim Rickards wrote a column that stated that the BRICS nations would be launching a gold-backed currency at their meeting on August 22. He was the first one to publicly report this, but now there’s a report from RT (Russia Today network) that is also saying that the BRICS are going to be launching the currency in just over a month.
We’ve heard several Russian officials talk about the possibility of a commodity-backed currency over the past year, and they even invoked a temporary gold backing to the Ruble shortly after the conflict in Ukraine began. And in the year since, the market has wondered what the speculation about a potential gold-backed currency would amount to.
Now more than a year later the speculation that the BRICS will announce a move at their August meeting continues to grow. This would represent a substantial development in the gold and currency markets and offers the potential to be a significant turning point in the global balance of trade. And in today’s video, Vince shares the recent news from RT and comments on the latest that he’s hearing regarding the situation.
He also covers the silver news from the past week and explains what the COMEX registered and eligible categories actually mean. So to get the latest update on all of the developments in the precious metals markets, click to watch this video now!