A Visual History of Gold (and Silver): Money, a Barbarous Relic, a Go-Nowhere Investment, and BRICS Money Again?

5 min read

There are rumors circulating in the financial community that the BRICS countries are poised to announce the creation of a new gold-backed currency. Furthermore, in the best traditions of conspiracy theories, it is assumed that this could happen this August during a forthcoming summit in South Africa. It can be recalled that this was in August 1971 when U.S. President Richard Nixon announced that the U.S. was “temporarily” abandoning the gold standard and, subsequently, the convertibility of U.S. dollars into gold at a fixed price of $35 per Troy ounce. There is nothing more permanent than something temporary… Gold and…...

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Olegs Jemeljanovs, PhD, CFA A seasoned professional in the field of financial markets, investments and economic analysis with the crucial mix of private and public sector experience (large international lenders, private boutique banks, ministry of finance, central bank, financial regulator). Able to cover macroeconomic and microeconomic trends, short-term market moves and long-term economic cycles, the role of biology and psychology in finance. Have held both front-office, sales and analytical positions. If you want complex economic, financial, political, historical, sociological and psychological concepts to be explained in a simple and accessible way then you have certainly found the right website. If your consider the sense of humor to be important then you have definitely found the right man.