This Is My Warning to You All! It's GAME OVER For Gold & Silver When This Happens? - Andy Schectman
In recent years, the BRICS bloc has made significant strides in its de-dollarization agenda, aiming to reduce reliance on the US dollar in global trade.
The BRICS alliance has kick-started its de-dollarization efforts through various means, focusing on integrating new payment mechanisms that facilitate transactions in local currencies. These systems are designed to operate without the involvement of the US dollar, marking a substantial step forward in the bloc's agenda.
Andy Schectman, President and CEO of Miles Franklin Precious Metals, offers insights into this shifting economic landscape. He notes a significant trend among central banks that previously supported US spending: they are now selling dollar assets and increasingly purchasing commodities, emphasizing gold. Schectman also points to speculation about a coordinated effort involving over 150 countries to move away from the dollar simultaneously, though he acknowledges this has yet to materialize.
A recent development underscoring this trend is the landmark trade deal between BRICS partners India and Russia. Indian Prime Minister Narendra Modi's first visit to Moscow in five years resulted in an agreement with Russian President Vladimir Putin that is expected to impact multiple sectors. This pact exemplifies the growing economic ties within the BRICS alliance and their collective move towards alternative trade arrangements.
Schectman argues that these developments could have far-reaching consequences for the global economy. He suggests that as demand for dollars and US Treasuries potentially decreases, the US could face higher inflation and interest rates. According to Schectman, this scenario might escalate into a crisis affecting various financial institutions heavily invested in dollar-denominated assets, including banks and insurance companies.
Andy Schectman has highlighted these changes, mainly focusing on the emergence of non-dollar-based settlement systems for energy trades.
A significant example of this shift is Saudi Arabia's recent warning to the G7 alliance regarding the proposed seizure of 300 billion dollars in frozen Russian assets. According to a Bloomberg report, Saudi Arabia privately indicated it might sell European debt holdings if the G7 proceeds with the seizure. This move underscores the strengthening ties between Saudi Arabia and Russia, both members of the expanding BRICS alliance, and demonstrates the growing economic influence of this bloc.
The G7's initial proposal to seize Russian assets was intended to support Ukraine and penalize Russia. However, Saudi Arabia's inclusion in BRICS has altered the geopolitical calculus, leading to increased support between Saudi Arabia and Russia. This development highlights the changing dynamics of global economic alliances and the potential consequences of actions against BRICS members.
Meanwhile, in Nigeria, lawmakers are proposing to significantly expand the central bank's authority to use gold to bolster the nation's reserves. This move aligns with a broader trend among developing countries to reduce dependence on the US dollar and diversify their economic strategies.
Schectman argues that these developments could have far-reaching implications for the global financial system. He suggests that gold might increasingly substitute for US Treasuries and the US dollar in international finance.
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