Giant Move for Gold: Five Nations Take Action for a New Global Currency
Deutsche Bank, a titan in the global arena, has published a groundbreaking report on the future of gold in a scenario where geopolitical polarization is intensifying. According to the report, the BRICS nations (Brazil, Russia, India, China, and South Africa) are in pursuit of a common currency backed by gold.
Gold prices could potentially reach up to $8000.
The global markets are in a state of flux. The use of financial sanctions as a weapon by the West has driven emerging countries into a quest for a 'safe haven'. Giant economies, including Turkey, China, and Russia, are elevating their physical gold reserves to record levels in an effort to reduce their dependency on the dollar.
According to a report by Deutsche Bank, the goal of emerging countries to raise the gold share in their reserves to 40 percent could trigger an unprecedented surge in the market. The report predicts that the price of gold per ounce could climb up to $8,000 within the next five years.
Five countries could potentially establish a common currency based on gold.
One of the most striking details in the report is the moves of the BRICS countries (Brazil, Russia, India, China, and South Africa). Their pursuit of establishing a common currency based on gold in their trade amongst themselves is being interpreted as a direct challenge to the global dominance of the dollar.
Last year, a first in financial history was witnessed. For the first time, the total value of the world's gold stock surpassed the total value of U.S. Treasury bonds. Analysts at Deutsche Bank succinctly summarize this situation with a striking note:
'We are witnessing a turning point in history. Gold has now become the world's largest and most secure asset class.'
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