Banking Crisis 2.0 & BRICS vs Petrodollar: The Return of the Gold Standard? | The Gold Spot

After J.P. Morgan bought Silicon Valley Bank, CEO Jamie Dimon warned about the second phase of the banking crisis. Just as people were regaining confidence in the economy, that next phase kicked off.

In an apparent attempt to prevent further bank collapses, industry regulators released a series of strict policies requiring banks to hold onto more money. These limitations place further pressure on regional banks many of which won’t be able to shoulder the burden.

This inevitably leads to banking consolidation as smaller banks are squeezed out and eaten up by larger banks. That means less competition and fewer options for the American people who are already skeptical of the banking sector.

While people look for a safe place to keep their hard-earned dollars at home, the BRICS nations are ramping up the process of de-dollarization abroad. Just this week, member states confirmed the development of a commodity-backed currency.

Gold was touted as the most likely backing for the cross-border currency which portends a return to the gold standard. While a good signal for the gold prices and economic stability, this shift would have destructive consequences for the petrodollar system which single-handedly props up the US dollar.

Watch this week’s The Gold Spot to hear Scottsdale Bullion & Coin Founder Eric Sepanek and Precious Metals Advisor John Karow discuss the next phase of the banking crisis, what the BRICS nations are up to, and why gold is likely to boom. Watch Now!

🔗 RELATED LINKS:

👉 De-Dollarization 101: What to Know About the Global Shift Away From the Dollar: https://www.sbcgold.com/blog/de-dollarization-101-what-to-know-about-the-global-shift-away-from-the-dollar/

🪙 Bullion vs. Numismatic Coins: What You Should Know Before Investing:
https://www.sbcgold.com/blog/bullion-vs-numismatic-coins-what-you-should-know-before-investing/

📈 See live Gold and Silver Spot Prices:
https://www.sbcgold.com/charts/

🪙 Buy gold and silver coins in Arizona:
https://www.sbcgold.com/buy-gold-and-silver/coins/

👉 Buy Gold Bars in Arizona:
https://www.sbcgold.com/buy-gold-and-silver/buy-gold-bars/

👉 Buy Silver Bars in Arizona:
https://www.sbcgold.com/buy-gold-and-silver/buy-silver-bars/