The global monetary system is going through unprecedented changes as countries look to adopt new technologies, navigate geopolitical barriers, and assert greater control domestically and abroad. Investors should stay abreast of these changes to protect their wealth from an increasingly volatile and hostile financial landscape.

Watch this week’s The Gold Spot to hear Scottsdale Bullion & Coin’s Sr. Precious Metal Advisor Steve Rand and Precious Metals Advisor Todd Graf discuss the threat of digital currencies, the return of the gold standard, and the ensuing gold rush.

The Development of CBDCs: Promises vs Reality

Over the past few years, investors have seen the rapid rise of digital currency. Although cryptocurrency has stolen the spotlight, the most important decisions are made behind the curtain. Governments across the world have been actively testing central bank digital currencies (CBDCs). In 2022, Biden greenlit the development of digital assets with Executive Order 14067 within the US. The technology is here, and implementation might be right around the corner.

The Centralization of Currency

Our financial czars claim these CBDCs will help fight against terrorism, money laundering, drug trafficking, and counterfeiting, but there are some inherent risks to consider. This hyper-centralization of the currency means a small group of people will have complete control over your access to the monetary system. What could possibly go wrong?

👉 Related reading: Digital vs. Fiat: Will CBDC Replace Cash?

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A lot of people are speaking out against this government overreach, citing concerns over privacy, safety, and freedom. With a CBDC in place, governments could easily track purchases, deflate purchasing power, and cut off account access. We’ve already seen the dystopian horrors that come out of attaching currency control to a social credit score in Communist China.

The valid concern of total government control isn’t the only downside to a CBDC. There are several practical concerns too. Technical errors resulting from bad storms, poor system management, or cyber-attacks could keep people from accessing their money. Plus, there’s the comforting thought that the same feckless leaders in charge of our crumbling economic system would have even more control.

👉 Further Reading: CBDCs aren’t the only development leading to a centralization of economic power in the US. Read about how the next phase of the banking crisis is bringing the entire banking sector under the control of the biggest banks.

The Return of the Gold Standard

Last week’s The Gold Spot video highlighted the BRICS nations’ intention to create a commodity-based currency with gold as the backing. Russia recently confirmed the rumors and an official announcement is expected when the group meets at the BRICS summit in Johannesburg, South Africa over the weekend.

The ground-breaking move marks another crucial step in the de-dollarization timeline as countries look for ways to decouple from the US dollar and assert greater control over their domestic economies. These emerging economic giants are essentially resurrecting the gold standard which could have disastrous consequences for the dollar.

Domestic blunders such as record inflation, bank collapses, and skyrocketing debt have led to a global loss of confidence in the dollar. The development of a gold-backed BRICS currency would be a massive competition for the greenback since gold has always been a predictable, stable, and reliable foundation for currency.

A Massive Boom for Gold

Gold price forecasts for 2023 (and silver) have been positive so far, but the news of a major bold-backed currency could prove to be a major tailwind for the value of gold. Central banks have already been stockpiling gold at record-setting rates. Now, countries will be increasing their holdings for a stronger domestic economy.

“The demand for gold is going to be increasing because different countries are using it to back their own currency.”
– Precious Metals Advisor Todd Graf

It’s safe to assume that gold prices could skyrocket as demand continues to boom. You have an opportunity to do the same for you and your family’s wealth.

Preparing for a Worldwide Shakeup

The world monetary system might never look the same again, but that doesn’t mean your wealth has to suffer. The combination of Draconian CBDCs and the return of the gold standard make gold a smart move for optimized privacy, protection, and stability.

“Physical gold in your possession [is] the original decentralization. [It’s] the true way to get away from these digital currencies.”
– Todd Graf

Stay up to date on the latest developments in the world of digital currencies with our NEW and FREE CBDC Exposure Report. Request your FREE COPY here!