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Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Andy Schectman, President and Owner of Miles Franklin, who says a new commodity-backed BRICS currency is an inevitable outcome in the long term. But for now, investors need to pay close attention to the relationship between Saudi Arabia and the BRICS alliance. Schectman explains why the move to de-dollarize is already ‘past the Rubicon’ and discusses what to expect at the BRICS August summit taking place in Johannesburg, South Africa. Schectman explains why he sees 85% of the global population dumping the greenback in due time. He also examines the U.S. reaction and gives his outlook on gold and the U.S. dollar.
For more background on Schectman’s thesis, watch this video: https://www.youtube.com/watch?v=FzI0oyxQ218
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00:00 – Intro
03:40 – Saudi Arabia and BRICS
08:30 – BRICS expansion
12:12 – Growing mutual cooperation
15:31 – New BRICS currency
24:35 – BRICS summit in August: why you should watch Saudi Arabia
26:44 – Pricing of oil
28:44 – De-dollarization is accelerating
31:40 – U.S. reaction to de-dollarization
36:09 – These players to attend BRICS August summit
37:40 – U.S. dollar outlook given a global move away from the greenback
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