This is a headline making the rounds of the internet since yesterday in several forms:
Woah, much bullish very wow.
A return to the the gold/silver standard is literally the wet dream of anyone stacking gold or silver.
Let's see how the markets reacted:
Yawn.
Yeah, nothing special other than an ant pump which is nothing out of the ordinary. It could be yet another price swing and nobody would know.
As much as I love my silver stack and as much as I would want to see it pump in price, I really didn't have any hopes after reading these news when they came out yesterday.
For starters, what is this? The tenth time BRICS announces a gold standard currency?
And second, as much as flawed as the dollar has become, the reality is BRICS is still comprised of shit hole countries, maybe with the exception of China.
Despite the hard-ons of people on the right of the right and the left of the left, I don't see many US or EU citizens migrating to the heaven of Putin... Let alone India or Brazil, LMAO. And honestly, I'd never expect from such corrupted to even be honest about their reserves. Heck, I'd probably wouldn't even trust the US.
After doing some digging on various places, out of curiosity, it seems most stackers share similar feelings. Even on wallstreetsilver which these days it often feels more like a Putin propaganda machine rather than a place for lovers of silver.
Imo, the only chance of silver/gold really mooning (after adjusting for inflation) is in a case of either a total collapse of the dollar modern financial system or a zombie apocalypse nuclear holocaust, when the people will need something tangible, rare and shiny to use for money, like the good ol times 😅
What are your thoughts on this supposed gold-backed shitcoin by BRICS? Let me know in the comments, I'd love to hear them, especially if you have a different sentiment.