In a recent interview on the Soar Financially, Andy Schectman, President of Miles Franklin, issued a stark warning about the shifting global economic landscape. Schectman, a prominent figure in the precious metals industry, highlighted three key takeaways for investors: the growing influence of the BRICS nations, the strategic importance of gold, and the potential for significant economic turbulence.
BRICS Challenge to Dollar Dominance
Schectman emphasized the growing threat to US dollar hegemony posed by the BRICS nations (Brazil, Russia, India, China, and South Africa). "This is espionage as far as I'm concerned," Schectman declared, referring to the Bank for International Settlements' abrupt withdrawal from Project Embridge, a key initiative aimed at creating a new cross-border payment system independent of the US dollar. This move, he argued, "crystallizes the reason the BRICS don't trust the West."
Strategic Gold Accumulation
Schectman highlighted the secretive accumulation of gold and silver by BRICS nations, particularly China. "China... are flying all around the world buying both gold and silver... paying close to double... and sending it back home for refining," he revealed. This, he explained, indicates a strategic shift towards gold as a reserve asset, signifying a loss of confidence in the US dollar and a desire to diversify away from US-dominated financial systems.
Warning of Stagflation and Central Bank Gold Buying
Schectman warned of the potential for stagflation, high inflation and stagnant economic growth. He criticized the government's inflationary policies and expressed concern over the accuracy of official inflation figures, stating, "You just talked to John Williams of Shadow Stats, he'll tell you to put an eight in front of the three and a half." Furthermore, he revealed that central banks have significantly increased their gold purchases in recent months, which he interpreted as a "strong signal" of their growing concern about the global economic outlook.
"As the central banks who are the most well-informed traders in the world they haven't stopped buying they've doubled down their efforts," Schectman stated.
Schectman's analysis underscores the profound global economic and geopolitical shifts underway. The rise of the BRICS, the strategic accumulation of gold by major nations, and the potential for significant economic turbulence present both challenges and opportunities for investors.
Watch the full interview:
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