via kitco:
The influence of the BRICS countries – Brazil, Russia, India, China, and South Arica – should not be underestimated, especially when it comes to the threat it poses to the U.S. dollar as the world’s reserve currency, according to Simon Hunt, founder of Simon Hunt Strategic Services.
“The involvement of BRICS has been a deliberate, slow movement … now I think they are in a position to make the next step upwards,” Hunt told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News. “It’s a very serious attack on the dollar world that has existed since World War II.”
The next step for the BRICS countries could be the introduction of a new gold-backed currency, Hunt pointed out.
The BRICS’ upcoming August summit in South Africa is being closely watched for any clues as to what this new currency will look like and how soon it can be introduced.
And that announcement and launch could be just around the corner, Hunt said. “In the mid-2020s, which is only a few years away, it will be convertible into gold,” he noted. “I think we will eventually see [a full-on return to the gold standard]. That will probably happen before 2030 by countries who are now and will be members of BRICS+.”