BRICS PLANNING ITS OWN GOLD TRADING SYSTEM | WHAT REALLY HAPPENED


BRICS PLANNING ITS OWN GOLD TRADING SYSTEM

As the US and its E.U. partners continue to levy punitive sanctions on Russia, the BRICS are responding with new financial initiatives to help their members break-out of the US and European financial trading monopoly.

Currently, both China and Russia are surging ahead as the world’s top Central Bank buyers of gold, further consolidating their position to be able to weather a global dollar crisis which many expert believe is inevitable. When exactly that happens is still anyone’s guess.

NOTE: Russia is now the largest official buyer of gold – and the world’s third-biggest producer.

RT International reports…

Brazil, Russia, India, China and South Africa (BRICS) are discussing the possibility of establishing a separate gold trading system, according to the First Deputy Chairman of Russia’s Central Bank Sergey Shvetsov.

“The traditional (trade) system based in London and partially in Swiss cities is becoming less relevant as new trade hubs are emerging, first of all in India, China, and South Africa,” he said, adding “we are discussing the possibility of establishing a single (system of) gold trade both within BRICS and at the level of bilateral contacts.”

BRICS countries are large economies with substantial reserves of gold and an impressive volume of production and consumption of the precious metal, said the official. According to him, the new system may serve as a basis for the further creation of new benchmarks.

The Bank of Russia has already signed a memorandum on developing bilateral gold trade with China. The regulator plans to form a single trade system with the People’s Republic of China in 2018.

“We assume that trade and clearing links should be established. The point is that gold buyers should decide on the place of purchase,” Shvetsov said, adding that trade links will enable market participants to make deals on international exchanges via the central counterparty

Webmaster's Commentary: 

This is why we are seeing such demonization of China and Russia; to prevent a loss of US dollar hegemony, the US government is willing to go to war to prevent this, if they deem it necessary.

Last Spring, Paul Craig Roberts shared the following report; and he is a guy who knows something about the inner workings in the Bowels of Power in DC:

Washington Plans to Nuke Russia and China

And unfortunately for President Trump and this country, all of Trump's "President Whisperers" are war-centric, as though this was the only way to resolve the US government's geopolitical conflicts, rather than good faith, moral, hard-one negotiations.

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