BRICs Bank To Rival World Bank and IMF and Challenge Dollar Dominance

Gold’s London AM fix this morning was USD 1,664.00, EUR 1,246.16, and GBP 1,037.54 per ounce. Friday's AM fix was USD 1,655.75, EUR 1,245.86 and GBP 1,041.22 per ounce. Cross Currency Table – (Bloomberg) Outgoing President of the World Bank, Robert Zoellick, after just three days ago dismissing the idea of a BRICs created, new global multi lateral bank, has come around and endorsed a BRICs bank in an interview with the FT. He acknowledged that a BRICs bank was being created and said that the World Bank supported such a bank. He said that not having Russia and China as part of "the World Bank system" would be a “mistake of historic proportions”. BRICS leaders, from left, Brazil’s President Dilma Rousseff, Russian President Dmitry Medvedev, Indian Prime Minister Manmohan Singh, Chinese President Hu Jintao and South African President Jacob Zuma. Photo: AP The five countries now account for nearly 28% of the global economy, a figure that is expected to continue to grow. Left unsaid so far is the possibility that one of the BRICs or the BRICs in unison might peg the value of their respective currencies to the ultimate store of value and money - gold. Global diversification and owning the hard monetary asset of gold has never been more important. SILVER Silver is trading at $32.41/oz, €24.29/oz and £20.21/oz. PLATINUM GROUP METALS Platinum is trading at $1,634.50/oz, palladium at $651.96/oz and rhodium at $1,350/oz.

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