BRICS want to build a gold-backed currency but they have no idea how
From
"Russia and China are taking concrete steps to reduce Western influence over global gold markets, signalling a broader move towards monetary self-reliance and the redomiciliation of gold reserves away from traditional Western centres.
Russia is preparing to launch its own gold exchange, independent of the London Bullion Market Association (LBMA), which has dominated international price-setting since the early 20th century. According to officials, trading on the new Russian platform will be based on physical bullion, with participation open to BRICS member states."
So what's the plan, cut out the West from buying gold reducing demand, gold demand that you need to monetize your BRICS gold backed currency?
The new players might be even worse than the old players.
#bitcoin #gold #economy #thoughts

Russia, China to set their own gold exchanges, cut ties with Western control
Russia and China are taking concrete steps to reduce Western influence over global gold markets, signalling a broader move towards monetary ...
