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Jim Rickards: BRICs trading plan is an informal gold standard
Participating countries will resolve trade imbalances by buying gold
By Jim Rickards
Daily Reckoning, Baltimore
Monday, October 28, 2024
There's so much to discuss right now, from the upcoming election to geopolitical instability. But today I want to talk about gold. I call it the once and future money.
The use of gold as money existed from antiquity until gold backing broke down entirely in 1971. Still, central banks and finance ministries hold more than 37,000 metric tonnes of gold in reserve.
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Why? The answer is that gold is still at the base of global monetary systems. It's simply the case that no government wants to admit this because the shortage of gold relative to bank notes would be exposed if they did.
But gold is coming to the fore of the monetary system again. Central banks are buying gold as fast as they can.
Let's look at some pertinent data before turning to the key geo-economic trends that will drive the dollar price of gold much higher in the near future. ...
... For the remainder of the analysis:
https://dailyreckoning.com/the-golden-rule-is-real/
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