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Is the Gold Standard Coming Back? Doug Casey On the BRICS Gold-Backed Currency
by Doug Casey International Man
International Man: There have long been rumors that Russia or China would create a gold-backed currency, but there was never a formal acknowledgment… until recently.
The Russian government recently stated:
“The BRICS countries are planning to introduce a new trading currency, which will be backed by gold.”
Analysts expect a formal announcement at the next BRICS summit in Johannesburg in the coming weeks.
What is your take?
Doug Casey: Let’s try to parse the words in the statement. In particular, the use of the word “trading.” I’m not sure what the difference between a “trading currency” and an ordinary currency might be.