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Gold Telegraph
@GoldTelegraph
Vladimir Putin says oil producing countries are thinking of and are already accepting payments for oil in yuan. The pieces are falling into place.
Vladimir Putin says the US dollar is the main weapon used by the United States to preserve its power across the world. Bingo.
=> COMMODITIES VS. FINANCIAL ASSETS Over the last decade, the global export restrictions on critical materials have increased more than five times. At the same time, Western countries have imposed restrictions on access to their financial systems. Mining is about national security.
As mentioned in my recent article, countries must prioritize securing their domestic supply of critical minerals now to avoid being at the mercy of those who control these supply chains globally.
BRICS is poised to dominate and possess the majority share of many of these commodities through reserves, and they have made it very clear they want to settle trade in local currencies. A development bank established and spearheaded by the BRICS economic coalition is tackling de-dollarization through a debt perspective, aiming to decrease lending denominated in dollars.
During the 2022 BRICS summit, Russian President Vladimir Putin announced that the bloc was working to create an “international reserve currency”. Since then, Several countries within this economic bloc have been actively accumulating gold reserves and advancing their digital currencies.
Countries have also hinted at the development of a gold-backed stablecoin to circumvent economic sanctions imposed by the West. We are starting to see traction build around metal contracts being priced through the Shanghai Futures Exchange. In fact, Late last year, we learned that the London Metal Exchange was considering introducing new metals contracts that would utilize pricing from the Shanghai Futures Exchange.
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This would align with the Chinese government’s aggressive efforts to broaden its international reach and to empower local companies with enhanced influence over the pricing of commodities.
A few weeks ago, it was reported that The London Metal Exchange was studying Hong Kong as a location to expand its global metal warehouse network. This plan could very well be in motion. While there’s widespread attention on China’s efforts to internationalize its currency, many overlook the country’s ambition to expand its influence over the pricing of commodities, which BRICS, driven by China, have such an influence over in terms of consumption.
Again, We are at a history-altering moment, with things playing out in real-time. Today, The President of China said the country was ready to work with Russia toward boosting international multilateral cooperation. In other words, Enforce a new world order that is more aligned with an economic bloc that is trying to smash a Western hegemony in international affairs. Hold on tight.
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