Last week, the continuous gold futures contract fell to under $1,830 per ounce, the lowest level since March 2023. In a September 1 Barchart article, I wrote:
Time will tell if a BRICS currency lifts U.S. dollar gold prices. Meanwhile, gold’s role in the financial system is rising. Central bank buying and holdings validate gold as the ultimate currency and hard money. While governments can issue fiat money to their heart’s content, the worldwide gold stock is limited. The U.S. national debt, inflation, and the potential for an emerging currency that uses gold to derive value could cause the bull market to climb to higher highs over the coming years. A BRICS currency should be a bullish development for gold and gold-related assets.
