Michelle Makori, the Lead Anchor and Editor-in-Chief at Kitco News, recently sat down with Andy Schectman, President and Owner of Miles Franklin Precious Metals, to discuss a number of pressing geopolitical developments and their implications for the U.S. dollar and the future of the global monetary system.
One of the key topics of conversation was the report that Saudi Arabia is letting its 50-year old Petrodollar agreement with the United States expire. This agreement, which has been in place since the 1970s, has been a cornerstone of the U.S. dollar’s status as the world’s dominant reserve currency. Under the agreement, Saudi Arabia has agreed to sell its oil exclusively in U.S. dollars, in exchange for military protection and other benefits.
Schectman expressed his belief that this development marks the beginning of the end of the era of fiat currency, and the return of commodity-backed money. He pointed out that the U.S. dollar’s status as the world’s reserve currency is based on nothing more than faith and the willingness of other countries to hold and use it for trade. But with the Petrodollar agreement expiring, and with more and more countries seeking to de-dollarize and move away from the U.S. dollar, that faith is starting to erode.
Schectman also weighed in on the latest sanctions against China and Russia, as well as the continued weaponization of the U.S. dollar. He pointed out that these actions are only serving to accelerate the de-dollarization trend, as more and more countries seek to reduce their dependence on the U.S. dollar and protect themselves from potential financial sanctions.
In addition, Schectman discussed the recent BRICS Plus Foreign Ministers meeting, as well as the upcoming G7 meeting, and the BRICS’ efforts to create a new currency to challenge the U.S. dollar’s dominance. He pointed out that this is a clear sign that the current monetary system is under strain, and that a new world monetary order – or Bretton Woods 3 – may be on the horizon.
Finally, Schectman laid out how gold fits into this picture. He pointed out that gold is a timeless store of value, and a proven hedge against inflation and economic uncertainty. As such, it is likely to play a key role in any new world monetary order that may emerge. He also highlighted that countries such as China, Russia and Iran are increasing their gold reserves, which underscores the importance of gold in the new world monetary order.
The interview between Michelle Makori and Andy Schectman provides valuable insights into the current state of the global monetary system and the geopolitical developments that are shaping its future. With the Petrodollar agreement expiring, the U.S. dollar’s status as the world’s dominant reserve currency is under threat, and a new world monetary order may be on the horizon. And in this new world, gold is likely to play a key role as a trusted and reliable store of value.
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