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BRICS countries mulling formation of single gold trade system?

serfserf Member Posts: 9,225 ✭✭✭✭


I suspect a system like this will be in place by the end of the year. I may be wrong but the Ukraine crisis is pushing it with all the trade sanctions and currency wars that are unfolding. The USA petro dollar before and after The Wuhan Flu epidemic is severely broken for all to see.

The Social Democrats in power here just made it worst for all Americans Hyper Food inflation will hit us very soon and possible rationing of meat protein foods because most food grains are to skyrocket.

serf


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MOSCOW, November 24. /TASS/. BRICS countries are discussing the possibility of establishing a single gold trade system, First Deputy Chairman of Russia’s Central Bank Sergey Shvetsov said Friday.

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Russia and China mull integrating national payment systems


"The traditional (trade) system based in London and partially in Swiss cities is becoming less relevant as new trade hubs are emerging, first of all in India, China and South Africa. We are discussing the possibility to establish a single (system of) gold trade both within BRICS and at the level of bilateral contacts," he said, adding that this system may serve as a basis for further creation of new benchmarks.

According to Shvetsov, the Bank of Russia has already signed a memorandum on development of bilateral gold trade with Chinese colleagues. The regulator plans to take first steps towards formation of a single trade system with the People’s Republic of China in 2018, he added.

Comments

  • wifetrainedwifetrained Member Posts: 1,137 ✭✭✭
    edited March 26

    Interesting.....but doesn't this limit the amount of currency one can have floating around? You could only have X amount of dollars, let's say, in circulation as long as you had a commensurate amount of gold available to back it up. Regardless of what commodity is being used, gold-silver-platinum-etc, it's going to restrict the amount of currency in play. And what about all that debt that's been accumulated, which I'm sure exceeds by a wide margin all precious metals combined.

  • mac10mac10 Member Posts: 2,148 ✭✭✭✭

    I am going start rendering Dems and libs into oil for the winter🔥🤬

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