{"id":7008,"date":"2024-07-30T23:42:46","date_gmt":"2024-07-30T23:42:46","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/07\/30\/andy-schectman-end-of-dollar-supremacy-gold-the-unit-and-project-mbridge\/"},"modified":"2024-07-30T23:42:46","modified_gmt":"2024-07-30T23:42:46","slug":"andy-schectman-end-of-dollar-supremacy-gold-the-unit-and-project-mbridge","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/07\/30\/andy-schectman-end-of-dollar-supremacy-gold-the-unit-and-project-mbridge\/","title":{"rendered":"Andy Schectman: End of Dollar Supremacy \u2014 Gold, the Unit and Project mBridge"},"content":{"rendered":"<p><strong>Andy Schectman, president of Miles Franklin, shared his thoughts on de-dollarization, going into detail about Project mBridge, a cross-border payment system developed in part by the Bank of International Settlements. <\/strong><\/p>\n<p>He explained that Project mBridge is not compatible with the US dollar and has no interaction with SWIFT, the main system used for international payments and transactions. Various Russian banks were banned from SWIFT after the country\u2019s invasion of Ukraine in 2022, prompting concerns about the weaponization of the US dollar. <\/p>\n<p>Schectman also spoke about how Project mBridge relates to the Unit, which he said is a BRICS settlement currency.<\/p>\n<p>Continuing, Schectman highlighted what he believes is a key feature of the Unit. <\/p>\n<p>\u2018The basket of gold and the basket of currencies will be minted in the member countries \u2026 it will be put into an escrow account, taken off the ledger so to speak \u2014 off of their balance sheet and put onto the mBridge ledger, and held in an escrow account in their own borders. It doesn\u2019t need to be sent to a central authority,\u2019 he said. <\/p>\n<p>When asked how gold might perform as these initiatives advance, Schectman was candid. <\/p>\n<p>\u2018I think gold goes higher than anyone ever thinks possible,\u2019 he said on the sidelines of the Rule Symposium. \u2018I think it never comes back down, because it\u2019s pegged to a new system. How high that is, I have no idea. But \u2026 much higher than people think possible would be my truthful answer.\u2019<\/p>\n<p>Watch the interview above for more on what Schectman sees coming in 2024 and beyond, as well as how to position. <\/p>\n<p><strong>Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.<\/strong><\/p>\n<\/p>\n<div>This post appeared first on investingnews.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Andy Schectman, president of Miles Franklin, shared his thoughts on de-dollarization, going into detail about Project mBridge, a cross-border payment system developed in part by the Bank of International Settlements. He explained that Project mBridge is not compatible with the US dollar and has no interaction with SWIFT, the main system used for international payments [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":7009,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-7008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/7008","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=7008"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/7008\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/7009"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=7008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=7008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=7008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}