Gold and the ‘G7 of the East’

Iran and Russia’s Central Banks are exploring a gold-backed “stable coin” to supplant the US dollar in trade, especially beneficial in Astrakhan’s Special Economic Zone. Sergey Glazyev suggests a new pricing strategy: “Fixing the price of oil in gold at the level of 2 barrels per 1g will give a second increase in the price of gold in dollars,” according to Credit Suisse’s Zoltan Pozsar. This acts as a solid counter to Western ‘price ceilings’. Glazyev’s approach is gaining attention, potentially laying the groundwork for a “G7 of the East” with the current BRICS nations at its core. As global trade dynamics evolve, such a gold-backed currency could drastically alter the world’s financial status quo.