This compilation of financial-related insights includes videos from Liberty and Finance, SD Bullion, and Wall Street Silver.
This post of insights begins with Rick Rule joining Liberty and Finance to discuss whether or not the BRICS currency announcement is p--------a. SD Bullion provides and update on the US Treasury being confronted on BRICS trade settlement news. Lastly, Peter St Onge joins Wall Street Silver to discuss China’s $50 trillion debt.
Liberty and Finance
Premiered Jul 14, 2023
The BRICS announcement of a gold-backed currency is “p--------a,” says legendary investor Rick Rule. He says the currency is likely to not be gold-backed, but if it is, will only be partially backed. But the best days of the U.S. dollar are over, he says. “We’re seeing the beginning of the end of U.S. hegemony.”
SD Bullion
Premiered Jul 14, 2023
US Treasury’s Janet Yellen asked about BRICS currency trade settlement news while visiting China last weekend.
Janet Yellen’s nearly 90% fiat US dollar usage in international transactions statistic is misleading as the data is from fiat currency trade pairings. The actual figure needs to be divided by 2 as fiat currency pair data adds up to 200% given that there are always two fiat currencies involved.
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So the truth is the still dominate fiat US dollar is nearer to 43% than the implication that 9 out of 10 fiat transactions involve fiat dollars in international trade, its currently closer to 4 out of 10.
And that figure is likely to shrink further given a few of the following reasons.
Last month, the US Biden administration confirmed its new Chair of the Council of Economic Advisors, Jared Bernstein. Who back in 2014 argued to Dethrone ‘King Dollar’ in a New York Times Op-Ed. He then stated that we needed higher persistent inflation rates and that having the world’s reserve currency is a privilege the USA can no longer afford.
Since the 2008 Global Financial Crisis, the BRICS nations have nearly quadrupled their admitted Official Gold Reserves. And last year in 2022, while central banks mostly in emerging markets bought more Official gold bullion reserves than ever recorded in history.
The world’s central bank of central banks, the BIS or Bank for International Settlements was publishing white papers and YouTube videos celebrating its successful m-CBDC pilot program involving the central banks of China, Hong Kong, Thailand, and the UAE (the largest hub for Russian gold imports following US-led western financial sanctions). This m-CBDC system is perhaps the next iteration of major sovereign trade settlement and by its direct bilateral design, it will likely prove to be long-term bearish for fiat US dollar demand as it comes to fruition soon enough.
(LATER in the UPDATE)
Given that aggregated eastern world silver price data has now aggregated to nearly $315 oz while western world derivative suppressed spot price is still lagging pathetically 50% below its seemingly ancient nominal record price high of $50 oz.
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My suggestion still stands, for the Eastern and Western silver markets to come back into equilibrium is going to require substantially higher spot prices and by the time that happens those who held silver from here to there will likely be very happy they patiently did so.
That is all for this week’s SD Bullion Market Update.
Wall Street Silver
Jul 15, 2023
In this video, Peter discusses the latest data indicating a significant slowdown in the Chinese economy. With consumer prices remaining flat and producer prices experiencing a 5.4% decline, China’s economy is facing challenges. The Chinese stock market has been stagnant for close to 15 years, and this trend is a result of multiple factors. Chinese consumers are not buying, while a global recession is impacting commodity prices and exports. Additionally, President XI’s policies have negatively impacted the Chinese economy, with GDP growth averaging around 5 percent, compared to the much higher figures achieved by previous presidents.
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