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Silver buyers reporting issues with sales tax and order cancellations with Walmart

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When Walmart began selling precious metals through their website marketplace last year, it became a convenient way for stackers to add some silver to their order of other household goods.

As the popularity of buying precious metals online grows, many buyers have experienced issues with being charged sales tax in states where metals aren’t taxed. Some buyers turn to social media for advice on how to deal with customer service when resolving sales tax issues.

Sales tax on precious metals is contentious issue, which is a complicated patchwork of outdated state laws that have created issues that online retailers must contend with since South Dakota v. Wayfair decision in 2018.

Since that landmark decision from the Supreme Court, large online marketplace retailers like Walmart and eBay are required to collect state and local sales taxes and remit those to their respective government agencies.

Gold and Silver Legal Tender

Already, 11 US states have taken steps to officially recognize gold and silver as legal tender. More states have pending legislation that either eliminates sales tax on precious metals or recognizes it as currency.

The United States was founded on sound money principles. The founding fathers included in the Constitution the rules that states must follow when issuing legal tender.

“no state shall make any thing but gold and silver coin a tender in payment of debts”

Texas was the first state to establish its own bullion depository, and there is pending legislation that aims to create the first state-issued gold-backed crypto-currency that will be redeemable to physical gold.

While the Federal Reserve continues to battle with inflation and interest rates, Republican lawmakers have introduced new legislation titled “The CBDC Anti-Surveillance State Act” to ban a CBDC in the United States.

In a press release, Senator Ted Cruz said “The Biden administration salivates at the thought of infringing on our freedom and intruding on the privacy of citizens to surveil their personal spending habits, which is why Congress must clarify that the Federal Reserve has no authority to implement a CBDC.”

Dedollarization and the Return to a Gold Standard

The BRICS member nations have been making progress with developing a gold-backed common currency for trade. It’s already been reported that last year, roughly 20% of the world’s oil trade was done in non-dollar currencies, a record high since the introduction of the petrodollar in the 1970s.

China stockpiled more than 225 tones of gold during 2023. According to central bank holdings data, China’s central bank is now holding 2,235.39 tons in gold reserves, almost on par with Russia’s holdings of 2,332.74 tons.

Additionally, other BRICS countries are quickly accumulating more gold. Five additional countries have announced they are joining BRICS, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates. While dozens of others have expressed interest.

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Shanghai Gold Price Ends the Year over $2,100 per ounce

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The gold price, along with that of other precious metals, is largely driven by commercial bankers and brokers involved in the trading of commodities in various futures markets throughout the world. The three largest gold trading markets are in London, New York and Shanghai.

In the US, we typically track and trade gold based on the New York gold price that is part of the market managed by COMEX and the CME Group. For decades, the price of gold in New York has been heavily manipulated by the large commercial Wall Street banks. This has been well documented in recent years, with many traders from JP Morgan Chase and others having been convicted.

Corruption by members of the LBMA and COMEX and price manipulation on a global scale has been one of the issues brought forth by the BRICS alliance as a leading driver of dedollarization in recent years, which has led to a growing number of local currency trade agreements. These new trade agreements are instead backed by central bank gold reserves and not the petrodollar.

This week, the Shanghai Gold Price topped the $2,100 per ounce resistance, closing the year at a record breaking $2,118.20 per ounce, the highest price per ounce in history.

The Shanghai Gold Exchange is one of the largest physical gold trading exchanges in the world. Established in 2002 in Shanghai, China, it facilitates the trading, clearing, delivery, and storage of gold and other precious metals. The SGE plays a significant role in the Chinese gold market, and has become of the the most influential gold markets globally.

China is a both a major consumer and significant producer of gold. The SGE, being the primary gold trading platform in China, reflects the country’s demand and supply, influencing global market perceptions and, subsequently, prices.

As one of the largest markets for physical gold, the demand and supply dynamics in the SGE can have a ripple effect on global gold prices.

Unlike the New York and London exchanges that trade primarily in paper gold derivatives and futures contracts, the SGE deals largely in physical gold.

This focus on physical gold can lead to different price dynamics compared to markets where paper gold (gold futures and derivatives) is traded.

As gold prices in various markets diverge, more gold miners and refineries are likely to ship more product to markets where they are likely to get a better price. This is likely to lead to further draining of gold from the LBMA and COMEX managed vaults.

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Russian Economist Confirms: BRICS Currency Is Almost Ready

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dedollarization and the introduction of a BRICS basket currency

BRICS represents a shift in global economic power and serves as a testament to the rising significance of emerging markets in the 21st-century global landscape. It has long been speculated that the next phase of growth will include the introduction of a BRICS Currency backed by gold and other commodities and rare earth elements.

BRICS is an acronym representing an association of five major emerging economies: Brazil, Russia, India, China, and South Africa. The BRICS members are all developing or newly industrialized countries, and they are distinguished by their large, fast-growing economies and significant influence on regional and global affairs.

In a recent interview, Russian economist Sergey Glazyev made statements related to the development of the upcoming BRICS currency. He explained that the technicalities of the yet-to-be-launched BRICS currency are put in place and the tools are created.

The soon-to-be-released BRICS currency aims to replace the US dollar as the world’s reserve currency. Glazyev confirmed in a recent interview on Tuesday that the BRICS currency is “almost ready”.

According the Glazyev, BRICS countries have a model of a new world settlement currency that is based on a combination of basket of national currencies of the member countries, alongside a basket of exchange commodities. The model shows that this currency will be very stable and much more attractive than the dollar, pound, and euro.

When trade happens in many different currencies, you have high costs of arbitrage of exchange rates between countries. When approaching dedollarization, central banks and countries need to simultaneously consider the fluctuations of national currencies of different countries.

World prices, particularly commodities like gold and oil are still linked to the dollar, so these arbitrage and exchange rates can generate a lot of losses. In addition, BRICS countries face a high uncertainty in pricing as new markets emerge, so at the next stage it is necessary to detach the prices of world exchange goods from the dollar and move to quoting world exchange goods in other units.

“The BRICS countries are moving to a wider use of national currencies in international settlements because they are all convertible in current transactions and are no worse than using the dollar or Euro,” asserts Glazyev.

“World commodity prices are still linked to the dollar, so these transactions can generate a lot of losses. In addition, these countries face high uncertainty in pricing, so at the next stage it is necessary to detach the prices of world exchange goods from the dollar and move to quoting world exchange goods in other units,” he continues.

And what are these other units? This is where the introduction a BRICS currency arises, which would become a common denominator for the formation of world prices for exchange of goods.

Collectively, BRICS countries encompass over 40% of the world’s population and account for roughly 26% of the world’s GDP, representing a substantial share of global trade.

In 2014, BRICS countries established the New Development Bank (NDB). Headquartered in Shanghai, China, the bank supports public or private projects to member countries through loans, guarantees, equity participation, and other financial instruments.

While the BRICS agreement represents a significant geopolitical alliance of emerging powers, the member countries also face individual and collective challenges such as diverse economic structures, differing political systems, developmental disparities, and regional tensions.

Gold Reserves Backing the BRICS Currency

China, as one of the world’s largest gold producers, has a significant amount of gold reserves. The exact amount has historically been a topic of speculation since China doesn’t frequently update its reserve figures. However, in the last few years, China’s official gold reserves have increased dramatically and are significant, making it one of the top holders of gold in the world. According to data, China is holding roughly 2113.46 tons of gold bars as of June 2023.

Russia has been aggressively increasing its gold reserves for several years. By 2021, it had amassed a substantial amount, placing it among the top countries globally stacking gold. This accumulation is seen as part of Russia’s strategy to reduce its reliance on the U.S. dollar in its reserves. As of June 2023, Russia is holding roughly 2,329.63 tons of gold bars.

While India’s gold reserves are not as significant as Russia or China. It’s important to note that gold has deep cultural significance in India, and households in India hold a vast quantity of gold in the form of high carat jewelry and other items, separate from the nation’s official reserves. India’s gold holdings account to roughly 797.44 tons of gold.

Brazil’s Central Bank began accumulating metals and doubled its gold holdings in 2021. Brazil’s current gold reserves are comparatively smaller than those of China, Russia, and India, with data showing a current level of 129.65 tons of gold bars.

Historically, South Africa was the world’s largest gold producer, but its official gold reserves, as of 2021, is the smallest when compared to other founding BRICS nations. The country’s production has decreased over the years due to depth challenges in mining, decreasing grades, and other socio-economic issues. Data from June 2023 shows that South Africa is holding roughly 125.41 tons of gold in its reserves.

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Central Banks Continue Buying Gold

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China has continued its pursuit of gold buying strategy throughout the year. As more agreements enter into local currency trading, other central banks are adding Yuen to their holdings in exchange for gold, helping the Chinese Central Bank add to their vaults.

Central banks buy and hold gold for several reasons, which continue to evolve between BRICS countries. In general, Central banks hold gold to preserve the value of their fiat currency reserves, which historically loses value due to inflation and other government policies.

China extended its streak of expanding gold reserves to a 10th consecutive month in August while the country’s total foreign exchange reserves declined amid falling prices of global financial assets.

The central bank added about 930,000 troy ounces of gold into its reserves last month, increasing its holdings to 69.62 million ounces (2,165 tons), according to data from the State Administration of Foreign Exchange (SAFE). Since November, China has added a total of 5.95 million ounces of the precious metal to its hoard.

Gold is often seen as a safe-haven asset during times of economic or financial crisis. Central banks may buy gold to add to their holdings during such periods to provide stability to their financial systems and fiat currencies.

Gold is a universally recognized and accepted form of payment.

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What is Fiat Money?

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dedollarization and the introduction of a BRICS basket currency

Fiat currency, also known as fiat money, is a type of currency that is declared by a government to be legal tender and is accepted as a medium of exchange within a specific country or region.

Unlike commodity money, which has intrinsic value because it is backed by gold or silver coin, fiat currency has no inherent value and is not backed by a physical commodity.

Instead, its value is established and maintained by government decree and the trust and confidence of the people who use it.

Modern currencies, including the US Dollar, European Euro and the British Pound, are all examples of fiat currencies.

The United States began transitioning away from the gold-standard during the first half of the 20th century. During the Great Depression, the government took the extreme step of confiscating all of the gold coins that were circulating throughout the economy and made it illegal for private citizens to own gold.

Many of the gold coins were melted into large format gold bars and were moved to the Gold Depository at Fort Knox, where they remain sealed away to this day.

In the case of the dollar, its value is established and maintained through the authority and credibility of the Federal Reserve. It’s essentially a social agreement that people will accept the currency in exchange for goods and services.

Commodity Backed Money

Fiat currency has no inherent value as it is not backed by a physical commodity. Commodity backed money, which is backed by gold, silver or other commodities, has value due to its intrinsic properties.

The Treasury and Federal Reserve have the authority to control the supply of dollars. They can print more money or remove it from circulation, which can influence factors like inflation and deflation.

The regulators at the Fed and Treasury Department have a few monetary policy tools at their disposal to manage the economy. This includes adjusting interest rates, implementing quantitative easing, and regulating the money supply to influence economic conditions.

One of the major concerns with fiat money is the potential for inflation. Since fiat money is not backed by gold or silver, governments and central banks have the authority to print money at will. If the money supply increases faster than the growth of goods and services in the economy, it will lead to inflation, eroding the purchasing power of money and causing prices to rise.

Unlike commodity money like gold or silver, which have intrinsic value, fiat money has no inherent value. Its value is solely based on the trust and confidence that people have in the issuing government. If that trust wanes, the value of fiat currency can be at risk and individuals and everyday workers will continue to see the purchasing power of the dollar diminish over the years. It can impact the ability to save for the future and plan for retirement.

While physical coins and banknotes are common forms of fiat currency, many of today’s transactions are conducted digitally using electronic forms of money, such as online banking, credit cards, and digital wallets.

Fiat Money CBDC

The Federal Reserve and other central banks are pushing for the adoption of a Central Bank Digital Currency (CBDC), which will allow the government to control how you spend your money, and what you will be allowed to purchase.

While this can be used to manage the economy, it also means that economic decisions are concentrated in the hands of a few, which will lead to potential abuse or mismanagement.

CBDC transactions can be easily tracked and monitored by the central bank and government authorities, raising significant concerns about individuals’ financial privacy and the potential for government surveillance.

The digital nature of CBDCs also makes them vulnerable to cyberattacks and hacking attempts. A successful breach could lead to the theft of funds or disruption of the financial system.

The introduction of CBDCs will continue to disrupt traditional banking and payment systems, affecting financial institutions and fintech companies.

CBDC allows central banks to have more direct control over monetary policy and money supply. Fiat currency is influenced by central bank policy but also impacted by commercial banks and economic factors.

The introduction of CBDC requires additional technological infrastructure and regulatory frameworks for digital payments and security. Earlier this year, the Federal Reserve introduced the FedNow payment gateway system, requiring commercial banks to adopt this new payment system is part of the long-term launch plan.

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SEC Tightens Crackdowns on Crypto Exchanges as Federal Reserve Forces Banks to Adopt FedNow CBDC

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The Securities and Exchange Commission launched another attack on crypto exchanges Coinbase and Binance this week, a move that had been expected. Given the overlap with the timeline of the Federal Reserve forcing banks across the country to implement FedNow as part of the backbone of an ongoing effort to implement a central bank digital currency.

The charges against Binance allege that the exchange “misled” its users about how their deposited funds for staking would be used, including by allegedly funneling customer assets into separate entities owned and controlled by its founder, Changpeng Zhao.

The charges against Coinbase allege that the company is acting as an unregistered broker and exchange. The government alleges that the Coinbase’s flagship prime brokerage, exchange and staking programs violate securities laws, adding that the company “has for years defied the regulatory structures and evaded the disclosure requirements” of U.S. securities law.

The SEC is demanding that the company be “permanently restrained and enjoined” from continuing to do so.

Gary Gensler, a long-time advisor to Sam Bankman-Fried and the FTX Exchange prior to becoming the Chair of the SEC, has made statements in the past that he believes that there should be less cryptocurrency options in the marketplace.

The cases are likely to extend for years and will likely have long-term implications for the future of crypto investing that extend far beyond only these two companies. The agency is targeting the marketplaces where trades are brokered and cleared, which is at the heart of the cryptocurrency industry’s critical infrastructure., an unwelcome development for pro-crypto groups like the Blockchain Association.

However, advocates for crypto claim that Congress is responsible for establishing the laws regarding digital assets, with two proposals currently circulating in Committees to create a federal framework for regulation for crypto assets.

“Contrary to what [SEC Chairman Gary Gensler] says, there is no regulatory clarity for digital assets,” said Kristin Smith in a statement Tuesday. She is the CEO of Blockchain Association, a pro-crypto lobbying group who also pointed to two regulatory proposals the House currently under debate.

The Federal Reserve continues to drive CBDC efforts, while gaslighting the public with denials about their ongoing efforts to implement a central bank digital currency as the use of the dollar continues to dwindle around the world.

While the FedNow service is being pitched as a solution to the high fees charged by private banking networks, the platform will also enable the Federal Reserve to launch an assortment of consumer-to-business, business-to-business or consumer-to-consumer.

Topics around CBDC implementations have organically risen as issues in the current presidential race.

Democrat presidential candidate Robert Kennedy Jr believes that the FedNow service is part of a long-term strategy to outlaw bitcoin and any cryptocurrency that competes with the Federal Reserve.

While the FedNow service is initially restricted to interbank transactions, Kennedy points out that this is “the first step in banning and seizing bitcoin as the Treasury did with gold 90 years ago today in 1933.”

He goes on to explain that digital currency could give the US government power to freeze and seize citizens’ assets or even limit your spending when you fail to “to comply with arbitrary diktats.”

Binance has announced that it will be halting all withdrawals of US dollars as soon as June 13 and transitioning to an all crypto model.

The exchange saw the withdrawal of more than $700 million dollars in customer assets this week, with huge sell-offs occurring for certain tokens that were outlined in the government’s lawsuit.

The government’s war against bitcoin and other cryptocurrencies is reminiscent of the efforts to restrict gold ownership and gold bank withdrawals leading up to the government seizure of all privately owned gold in 1933.

Many of the tactics being used by the government are to sow Fear, Uncertainty and Doubt (FUD) and to keep consumers and everyday Americans confused about cryptocurrencies and scared of risking their financial security to private digital tokens. While at the same time, failing to warn or be transparent with the public about the inherent dangers of a central bank controlled digital form of money.

The government does not like competition. The Federal Reserve sees the use of any non-central bank controlled digital currency as a competitor to the dollar. Compared to crypto, gold and silver are the most trusted and proven long term store of value.

Private ownership of precious metals like silver, gold and platinum has been legal since 1974. There are currently an assortment of States, such as Texas, that are pushing to return to the gold-standard with the introduction of precious metals backed digital tokens that can be exchanged for gold.

The Goldback is an existing physical gold-based private legal currency in several states, with the gold-foil notes being issued for New Hampshire, Utah, Wyoming and Nevada is also among the option available to investors.

If you’re an investor looking to use crypto to buy silver bars, you can find a variety of trusted and reputable online bullion dealers who accept various forms of crypto for payment and have the generic 10 oz silver bars shipped directly to your door.

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Zimbabwe to Launch Gold-Backed Digital Currency

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central bank digital currency

Zimbabwe has had a long history of economic instability. From 2004 until 2009 the country experienced five years of hyperinflation.

During the period of hyperinflation the country had to halt the exchange of local currency to dollars due to a meteoric rise in prices.

In early 2009, the government had abandoned the local currency, instead favoring the US dollar for all official transactions.

By 2014, there were eight legal foreign currencies being used for day-to-day transactions throughout the country.

Almost ten years later, the economy is Zimbabwe is still in shambles. The Zimbabwe dollar was reintroduced in 2019. Periods of high inflation quickly followed.

In an attempt to curb inflation last year, government leaders began to issue gold coins to try to earn the trust of investors with a store of value.

The latest announcement from the African nation says that the central bank will begin to issue a digital token that is backed by gold.

The gold-backed digital is an attempt by the country’s central bank to provide a trusted hedge against the volatility of its local currency.

The country’s central bank reports holding just 350 kg of gold bars among its reserves and estimates that it will need $100 million dollars to support the digital gold token.

Royalties from the mining industry exceed $300 million dollars per year.

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Preparing for the Next Dollar Crisis

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The American dollar system is broken. All of the major swings in the economy over the last few years that have been driven by political and policy-based initiatives have led to a decline in global trust of the American dollar. The ongoing banking crisis makes it more evident.

The breakneck pace at which the global banking system is becoming multipolar is supported by central banks continuing their gold stacking efforts into first quarter.

JP Morgan Chase is among the largest banks in the world. CEO Jamie Dimon made headlines last year with dire warnings about the economy.

In March of this year, JP Morgan Lead Strategist Marko Kolanovic suggested that as investors lose confidence the possibility of a Minsky moment in the markets could lead to a sudden crash in across some sectors.

Reports from the IMF and World Gold Council show the largest purchases in the first two months were Singapore (51.4 tonnes), Turkey (45.5 tonnes), China (39.8 tonnes), Russia (31.1 tonnes) and India (2.8 tonnes). 

Very few countries have reported a reduction in their central bank gold holdings. However, many reports show various countries have increased their yuan currency holdings.

Some current trends suggest the Chinese yuan is gaining a foothold because of some recent lucrative trade deals, such as those with Saudi Arabia and Brazil.

Reports from the Russian government have made the allusion that the basket currency will provide support for countries that may be rich in natural resources and could include fertile soil, rare earth elements, and of course, precious metals including gold, silver and platinum.

Countries from across the southern hemisphere are expressing interest in joining the trade agreements outside of the dollar currency. The BRICS treaty countries are purportedly preparing for the announcement of a commodity based basket currency in South Africa at their next conference in August.

The G7 was long considered the global financial powerhouse of countries that set many of our current standards since 1975. Data reported in March shows that the BRICS nations combined have overtaken the G7 in GDP, with trend lines suggesting that separation could continue through 2030.

Various reports in recent weeks have suggested that the upcoming FedNow service expected to launch this summer is the first step in a Fed role of out a nationwide CDBC. Of course, the Fed has responded to the rumors with an announcement that the payment system is not a digital currency.

The IMF, a cartel controlled by member banks, has announced that they’ve received unprecedented interest from their member central banks with more than 30 countries asking for help fast-tracking CBDC implementations.

A private organization that advocates on behalf of the IMF called the DMCA recently announced their own CBDC, seemingly backed by the banking cartel.

The Universal Monetary Unit (UMU), or Unicoin that is represented with the ANSI Character, Ü. The IMF says that it can be used to transact in any legal tender settlement currency. It is also fully programmable and can be used to enforce regulations dealing with the international banking system.

The press release claims that it is legally a money commodity but does not specify where it is legal.

The DMCA hopes that central banks will adopt its Unicoin standard when implementing their own national digital currency initiatives.

More investors are beginning to view investing in precious metals as a way to preserve their money for the coming financial hurricane.

Wage growth has tumbled, thousands have been laid off, unemployment levels have started to rise and we are seeing more signs that we are headed for a major recession.

Gold prices continue chasing towards record highs with spot price closing the week at $2,005 per ounce. Silver spot price closed at $25.43 per troy ounce.

Having a diverse mix of gold and silver in your portfolio can offer some financial protection against uncertainty in other markets.

Having a stack at home also helps you to gain the financial independence to be your own bank.

Premiums at online precious metals retailers vary. Whether you’re looking to stack fractional gold, 10 oz silver bars or other physical bullion investments, FindBullionPrices.com can help you find the best deals.

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Egypt Mints First Gold Ingot from Domestic Mines

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The tuts and kings that ruled Ancient Egyptian Civilizations were adorned with lavish jewelry, art and even clothing made from gold.

Gold is once again being actively mined in Egypt. In January, the government announced that the first standard gold bar had been released to the market made entirely from domestically mined gold ore.

The Igat mine in the Eastern Desert was discovered in June 2020 is estimated to contain roughly 1.3 million ounces, or about 36,000 gold kilos.

Other mines discovered in the same region include the El Sukari mine, which is estimated to contain 12 million troy ounces of gold.

Egyptian gold burial sandals and toe caps, circa 1479–1425 BCE. (Photo: The Metropolitan Museum of Art)

“Extracting gold from the Sukari mine contributes to raising the strategic gold reserves to 300 tons, and this contributes to raising the value of the local currency,” said Nagy Farag, Adviser to the Minister of Supply and Internal Trade for Gold Industry Affairs during an interview with Sada al-Balad TV channel. 

Faraq told Nile News Channel in February, that the Jebel Ikat mine has the capactity to produce about 200 kilos of gold per month. The gold is being used replenish the Central Bank’s gold reserves and is strengthening the Egyptian pound and the national economy.

The Central Bank of Egypt’s reserves now hold more than 125 tons of gold bullion.

The mines in Egypt’s Eastern Desert represent an incredible source of income for the country amidst growing interest in joining the BRICS treaty. The country has been actively expanding the exploration of mineral deposits in other regions.

The government is expected to invest roughly $1 billion into the country’s mining industry by 2030.

The country’s first certified gold refinery opened in December 2020 in the Marsa Alam area of the Eastern Desert, marking a significant achievement in maximizing the supply chain and providing more local jobs.

The earliest gold coin discovered in Egypt dates back to 360 B.C. The gold stater coin was introduced as a means of payment to Roman mercenaries. The coin’s specifications were modeled after the Persian daric standard, which contained 8.4 grams of gold.

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Brazil & China to Start Trading in Renminbi, Japan Buys Russian Oil Above Price Caps

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The dollar is quickly losing ground in the global south as BRICS countries initiate trade deals in local currencies.

China and Brazil announced this week a new trade deal that will be settled in their own currencies. The news comes amid reports that the Chinese RMB has surpassed the Euro to become the currency with the second largest reserves held by Brazil.

Yet, the dollar still represents more than 80% of the countries foreign reserves.

The central bank report also shows that the value of Brazil’s international reserves lost over $37.5 billion in 2021 and 2022, due in large part to lower returns amid the US Federal Reserve’s rate hikes and dollar manipulation.

China has been Brazil’s largest trading partner, overtaking the United States in 2009. China has pledged to continue making significant investments in the largest economy in South America, with major spending across energy, mining, agriculture and information-and-communication technology.

As of February 2023, the Central Bank of Brazil reported gold holdings worth $7.602 billion, down slightly from $8.103 billion in March of 2022. It’s probable that some of the gold that China has been stockpiling was exchanged for yuan.

China continues pushing trade in the southern hemisphere moving bilateral trade agreements away from the dollar as part of the overall “One Belt One Road” initiative.

The Bank of International Settlements (BIS), the driving force pushing for global CBDC adoption and the organization that controls the SWIFT banking network lists gold bullion as a Tier 1 asset alongside United States Treasury Bills.

Rio-based Banco BOCOM BBM, a subsidiary of China’s fifth largest bank will be connected to the Cross-border Interbank Payment System (CIPS), bypassing the SWIFT network to support trade settlements directly in renminbi.

BRICS countries have been buying gold and stocking up their reserves in anticipation for more than a decade establishing stronger trade ties among the emerging economies. Over the last decade, Russia alone has quintupled their central bank gold holdings affirming its strong leadership role with the emerging Moscow World Standard for clearing commodities outside of Western manipulated markets.

Central Banks will continue to buy gold in large amounts to provide scaffolding for larger bilateral trade deals in local currency in preparation for the announcement of a BRICS basket currency that is expected to come during the BRICS Summit in South Africa in August of this year.

The price of gold has been trending higher this year as mainstream and retail investors continue to hedge riskier portfolio holdings due to tremendous uncertainty in the dollar’s global dominance.