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Someone in the Russian Embassy in Kenya in late June said the BRICS countries are planning to introduce a new trading currency, which will be backed by gold. No one in any of the other BRICS has said anything about this other than that they would not participate in any such ill-conceived effort. CPM Group’s Jeffrey Christian discusses the unlikelihood of this actually occurring, and why such a program would not benefit any of the countries involved.
Jeff also discusses gold, silver, and PGM markets, some of the recent price movements and CPM’s projections for the next several months.
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