BRICS Currency Announced! Is it Gold Backed?

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Published 2024-04-28
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.

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All Comments (21)
  • @BrandyHeng007
    Imagine this scenario.. 1 BRICS coin = 1gm of Gold 100 Dollar= 1 Banana
  • @koboskolors
    As an American, I feel we collectively need to be taught a valuable lesson about money.
  • @HenkBoshoff
    Good for BRICS. Besides, if the US is really that great a BRICS currency shouldn't cause it any concern.
  • @TheLordlobo
    Zimbabwean Zig is gaining power against dolar. This is amazing
  • @danielbbq
    Gold is the only tier one asset. Hold it!
  • @jacintochua6885
    It will not be easy. But English pound was replaced too. Nothingnis impossible when one is pushed against the wall.
  • @6.33Matthew
    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.
  • @1bhaihay
    About time the BRICS currency become the dominant trading currency.
  • @XtremiTeez
    I hope they call it the Mortar. It would truly be the medium which holds the BRICS together.
  • @jennifernorman9655
    I would rather invest in the BRICS currency than the US dollar, given the current turmoil in the world.
  • @sdickinson5234
    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.
  • @shonterracraig5710
    Money backed currency that's tangible is safer. It gives the people more control over their wealth
  • @arthurrafferty4102
    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.