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BRICS Meeting 2024 - A Game Changer for GOLD? | Doomberg

Oct 7, 2024
Doomberg, a financial commentator and writer known for insights on energy markets and geopolitics, dives into the rising geopolitical tensions between Iran and Israel, emphasizing their potential impact on global oil supply. The discussion centers on a possible BRICS-backed currency supported by gold that could rival the US dollar. They also analyze China's economic stimulus and Europe's energy challenges amid political instability, alongside market dynamics in oil, natural gas, and copper during the transition to renewable energy.
41:03

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • The proposed BRICS-backed currency, partially backed by gold, may challenge the US dollar's dominance and reshape global trade dynamics.
  • Escalating tensions in the Middle East could drastically impact oil prices, reflecting the sensitive nature of global energy supply chains.

Deep dives

Impact of BRICS Developments on Gold Prices

Recent increases in gold prices may be linked to upcoming developments among BRICS nations, particularly a proposed new reserve currency called 'the unit.' This unit is rumored to be partially backed by gold and aims to serve as a medium for exchange in international trade, potentially altering the dominance of the U.S. dollar. Should this be formally announced, it could prompt significant shifts in gold's valuation, as more nations might start seeing gold as a safer reserve asset. This outlook suggests that the gold market cap may need to rise significantly if such a monetary shift occurs.

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