You are here
China, BRICs bloc not ready to reject U.S. dollar despite Russian entreaties
By Amanda Lee
South China Morning Post, Hong Kong
Friday, October 25, 2024
While there are growing concerns among the BRICs bloc of emerging economies over the scope of financial sanctions from the United States, few countries in the grouping seem ready to ditch the U.S. dollar despite Russian President Vladimir Putin's recent efforts to encourage an alternative system of payment among members.
Following an expanded summit for the bloc hosted in his country -- and a communique indicating that little progress had been made on such a system, analysts said -- Putin appeared to concede the matter, saying the bloc's constituent nations "have not and are not" pursuing the idea.
... Dispatch continues below ...
... ADVERTISEMENT ...
First Majestic Mines Silver and Gold
in Mexico and Operates Bullion Store
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The company owns and operates the San Dimas silver and gold mine, the Santa Elena silver and gold mine, and the La Encantada silver mine as well as a portfolio of development and exploration assets, including the Jerritt Canyon gold project in northeastern Nevada.
In 2024 these mines are projected to produce between 21.1 to 23.5 million silver-equivalent ounces, consisting of 8.6 to 9.6 million ounces of silver and 150,000 to 167,000 ounces of gold, with an all-in sustaining cost of $19.32 to $20.68 per payable silver-equivalent ounce.
For information about the company, visit:
https://www.firstmajestic.com/
In a practice unique to First Majestic, the company offers a portion of its silver production for sale to the public. Bars, ingots, coins, and medallions are available for purchase online at the company's bullion store at some of lowest premiums available.
In Q1 2024 First Majestic will also commence bullion production from its 100%-owned and operated minting facility, First Mint LLC, to manufacture its own exceptional silver bullion products catering to the growing demand for physical silver.
His stance by summit's end on Thursday was a marked contrast with his opening speech for the gathering the day before, where he issued a call for an international payments system that could prevent the U.S. from using its dollar as a political weapon.
One reason an alternative system has not been adopted is that few countries are willing to give up the U.S. dollar entirely, said James Chin, a professor of Asian Studies at the University of Tasmania in Australia.
"It's very difficult to bypass the U.S. dollar," Chin said. "A bilateral currency agreement seems to be the easiest way. In some ways it is a bit clumsy, but it can be done if the amount is big enough." ...
... For the remainder of the report:
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon:
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
