After two years of dogged wrangling, mainly to block China's ambitions for control, the new BRICS bank was announced as a reality at the sixth BRICS summit held in Brazil with the five BRICS leaders announcing that the new bank has been capitalized with $50 billion, with equal contributions from all five. While all this is a fairly small step, it remains a highly significant one.
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There is not a shred of evidence that the price of gold is about to embark upon a much higher trajectory. What the market is saying is that nothing in the news is disturbing the bottoming process.
Read More »BRICS Plan to Abandon U.S. Dollar Will Hurt U.S. and Help Gold (+4K Views)
Frustrated with what they viewed as being ignored by the West and not having a prominent role in institutions like the World Bank and the International Monetary Fund, Brazil, Russia, India, China and South Africa (also known as the BRICS countries) have held their second summit...[and declared war on the U.S. dollar. Let me explain.] Words: 572
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