BRICS Currency Announced! Is it Gold Backed?

In this week’s video, we look at Russia’s announcement of an official BRICS currency. There has been speculation and rumors of this currency for some time, and one major theory is that it would be backed by a basket of commodities including gold. However, the Kremlin recently announced they have almost completed a digital currency based on blockchain technology. Backed by gold or not, if a new BRICS currency becomes internationally adopted for trade, the U.S. Dollar will lose value. If U.S. Dollar’s value decreases, we expect the price of gold to increase. While there is no official launch date yet, dismantling the dollar will take time and we don’t expect it to go down without a fight. In the meantime, we will keep an eye out for any official launch date and stay ready to keep viewers informed.

Browse on APMEX:         

APMEX is the leading internet retailer of physical precious metals, including gold, silver, platinum, and palladium bullion bars, rounds, coins, and premium collectibles. With over 45,000 products in stock and ready to ship with industry-leading delivery times, APMEX offers the largest selection and best service. #apmex #gold #silver #preciousmetals #dedollarization

LET'S CONNECT          

[koboskolors]

As an American, I feel we collectively need to be taught a valuable lesson about money.

[IceCream-]

Imagine this scenario..
1 BRICS coin = 1gm of Gold
100 Dollar= 1 Banana

[HenkBoshoff]

Good for BRICS. Besides, if the US is really that great a BRICS currency shouldn't cause it any concern.

[danielbbq]

Gold is the only tier one asset. Hold it!

[TheLordlobo]

Zimbabwean Zig is gaining power against dolar. This is amazing

[jacintochua]

It will not be easy. But English pound was replaced too. Nothingnis impossible when one is pushed against
the wall.

[bhaihay]

About time the BRICS currency become the dominant trading currency.

[mayasuuli]

They. Bringing gold back! That's a good thing

[XtremiTeez]

I hope they call it the Mortar. It would truly be the medium which holds the BRICS together.

[.Matthew]

Any currency against the worthless dollar is a better option. We simply print paper that is backed by literally nothing. My bad, its backed by a $35 Trillion deficit.

[greaterbayareahero]

I am ready to buy into Brics anytime. I don’t hold any US dollars.

[arthurrafferty]

The US, rather than attempting to foster trade and cooperation, instead focused on conflict. From Ukraine and Thailand to Georgia and Taiwan Washington is involved in creating unrest. The weaponisation of the dollar is encouraging de-dollarisation and personally I hope it takes place sooner rather than later.

[kylebrooks]

I don't want an all- digital currency.

[shonterracraig]

Money backed currency that's tangible is safer. It gives the people more control over their wealth

[marilynd]

It has to be gold. Nothing else makes sense.

[raisohkhongnoh]

We should turn back to an old age. Old is Gold. So the best option is Gold as Reserve currency.

[sandracrandall]

Kerp stacking if you can....inflation makes it tough to even hecable to do it after i just bought a pound of butter for $5.79. (4 sticks). Bread $3.28. Eggs $3.49 a dozen Milk $3.99 gallon....sure blew a hole in a 20!!!

[sdickinson]

Currency is not backed by gold unless it's payable in gold on demand at a fixed rate. Any other scheme is not really "backed" they are just lying. Saying it's backed by a "basket of commodities" is just ridiculous and another lie, like when France backed it's currency with land they seized from the church then promptly went into hyperinflation.

[GarangMayiik]

God bless BRICS, and success.
I wishes next summit have a more than outcome that will strengthen global.

[DavidJohnson-ygqm]

This sounds sensible. The gold standard will unfortunately break other countries who live on extended credit