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Gold may once again be recognized as the world's reserve currency, as despite the process potentially being slow, growing debt problems worldwide indicate it.
In a recent interview, CEO of Monetary Metals and President of the Gold Standard Institute, Keith Weiner, stated that although dollar remains as the world's reserve currency, gold seems to be becoming an attractive alternative on the global market. His comments relate to the continued focus on the efforts of BRICS countries to develop a common currency to compete with dollar in international markets.
He noted that the only drawback seems to be determining which currency will serve as the basis for the new regime. He added that dollar will not lose its status as the reserve currency anytime soon, and the concept of gold-backed BRICS currency will not happen because it could lead to further devaluation of BRICS currencies. There may also be trade imbalances with gold, sending bullion back and forth.
According to Weiner's scenario, as the role of gold in international trade grows, the next step will be the creation of a neutral storage facility for global reserves, which will facilitate digital exchange and payment transfer. The third step in gold monetization will be financing these reserves, while the fourth step will involve creating derivatives based on this financing.
For the ultimate destination of gold, Weiner's company provided evidence that the precious metal can be financed. They successfully issued and redeemed two gold bonds, the first issued in 87 years, with a yield of 13%.
Now, as gold becomes a significant global monetary asset, financing will increase. In this type, the obligation matches the asset and eliminates risk from the business. Based on this, gold can become a monetary asset.
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