/biz/ - Business & Finance

>silver almost hit $32/oz today on the shanghai gold exchange
>derivatives market slaps silver down before it can touch $29 in the west
This upcoming may 28th BRICS+ meeting in moscow is something to watch for lads. It'll be the 2nd meeting of deputy finance ministers and central bank governors, we may see more details on the new gold backed currency they plan to trade with. Based on what they've made public, the October summit in Kazan will be the big one where they announce an agreement on the revaluation of gold. I'm still trying to wrap my head around what that will look like but what's really fascinating is the news cycle right now.
https://www.businessinsider.com/dedollarization-usd-strong-china-pboc-central-banks-buy-gold-inflation-2024-5
This article doesn't mention anything particularly new or interesting, but the way everything is worded is peculiar.
>China buying a lot of gold lately
Everyone already knows this but it's not just for their central bank. The Chinese gov has been encouraging it's citizens to buy gold since the aftermath of the 2008 financial crisis. This article below is from 2010.
https://www.nasdaq.com/articles/alert-chinese-government-urging-its-citizens-buy-gold-2010-07-08
>"A stronger USD would weaken its role as reserve currency," ... "If access to USD becomes more expensive, borrowers will search for alternatives."
>The rush into gold assets may not bode well for the US dollar in the longer run, should the currency continue to gain.
They're saying the dollar is strong but it's bad that it's becoming too strong ? And they're saying this as countries slowly but steadily begin dumping their US treasuries ? Still trying to hold onto this "dollar strong" narrative while acknowledging the global rush for gold and silver is fascinating shit. Especially when you consider the dollar only looks strong because the index is measured against a crumbling yen and dying euro.

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