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https://www.zerohedge.com/markets/gold-standard-back-brics-intro-gold-backed-reserve-currency

BY TYLER DURDEN

Submitted by QTR’s Fringe Finance

Remember back when the Russia/Ukraine war had just started, and I predicted that Russia and China would launch their own gold backed currency?

At the time, this idea sounded completely foreign, and I was ridiculed for bringing it up. Today, it just become reality. 41+ countries look like they could be returning to a gold standard. 

The images plastered all over RT this weekend had headlines like “New Money, New World” and “Gold Standard Will Be Of Great Benefit To Strengthening New Singly Currency”.

“The official announcement is expected to be made during the BRICS summit in August in South Africa,” Kitco reported over the weekend.

“At first glance, a new transaction unit, backed by gold, sounds like good money – and it could be, first and foremost, a major challenge to the US dollar’s hegemony,” Thorsten Polleit, chief economist at Degussa, said.

He continued:

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