Gold Standard 2.0: BRICS Nations Just Dropped The Biggest Bombshell About Gold - Mario Innecco

Gold Standard 2.0: BRICS Nations Just Dropped The Biggest Bombshell About Gold - Mario Innecco

Russia has made a bold proposal for BRICS member countries to establish their precious metal exchange. This move could disrupt the long-standing international pricing mechanisms for gold, silver, platinum, and other precious metals. Mario Innecco, a seasoned financial analyst and commentator, notes that BRICS nations are working toward a model in which gold serves as a neutral reserve asset, allowing each member country to link its currency to gold rather than depending solely on the U.S. dollar, as was the practice under the Bretton Woods system.
In recent years, BRICS members and central banks worldwide have accumulated gold at near-record levels. This trend is coupled with a significant repatriation of gold as countries seek to store their precious metals within their borders. As nations secure their dollar assets with gold, the metal’s role as a benchmark and hedge becomes increasingly essential. The shift away from dollar-denominated pricing has led to substantial outflows from the dollar into gold, positioning it as a critical asset for central banks and commodity trading advisers.
The proportion of gold in total foreign exchange reserves has risen notably, climbing from 8.15 percent at the end of March 2024 to approximately 9.32 percent by September 2024. Earlier this year, the Reserve Bank of India repatriated 100 tonnes of gold from the Bank of England, marking a significant step in India's gold policy following the 1991 gold pledging. On October 31, the RBI brought back an additional 102 tonnes, further reinforcing the trend of gold repatriation.
Innecco emphasizes that gold, trusted as a stable asset for millennia, once underpinned the value of the U.S. dollar. However, concerns over its stability have intensified since the dollar's decoupling from gold in 1971. The proposed BRICS initiative to position gold as a neutral reserve asset aims to reduce reliance on the dollar and offers member countries a more stable alternative for their currencies. This evolving landscape signals a potential shift in global financial dynamics, with gold again taking center stage as a vital monetary asset.
On Thursday, the Bank for International Settlements announced that it would withdraw from Project mBridge. This cross-border payments initiative has raised questions about its future amid increasing geopolitical scrutiny over global financial transfers. Launched in 2021, Project mBridge was a collaboration between the BIS and the central banks of China, Hong Kong, Thailand, and the United Arab Emirates, with the Saudi Arabian central bank joining in June.
BIS General Manager Agustin Carstens addressed the withdrawal during a discussion about the potential of mBridge to facilitate transactions for BRICS countries, including Russia, amid international sanctions. Carstens rejected this notion, emphasizing that the project was not intended for such purposes.
Mario Innecco highlights the historical context of the Bank for International Settlements, noting that the Federal Reserve's absence at its founding was due to the U.S. not joining the League of Nations. This allowed central U.S. banks like JPMorgan and Citibank to take on significant roles in the BIS, reflecting the ongoing influence of powerful banking interests.
The BIS's exit from Project mBridge raises questions about the initiative's future and its impact on global payment systems as nations navigate complex geopolitical challenges.

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