What are the BRIC’s likely to announce at their meeting on the 22nd? I don’t know. There has been much talk and back and forth for months about a new currency, using gold to back either a new currency or just using it to facilitate trade deals using their own currencies. As I indicated in my post last week about a gold revaluation to either the current market price or something higher from the “official” price set at Bretton Woods nearly 80 years ago, it is quite possible the BRICS announce they are doing, just that. Instead of them carrying their reserve holdings of gold at $40/ oz. they might all agree to raise it to say $2000. Since they make up a combined large portion of the world’s gold holdings, it would set a new floor for the gold price. The Europeans would probably do the same and sooner rather than later, the US would have to join in even if they don’t make an official pronouncement. By refusing to make it official the US would be tipping it’s hand they don’t have the large amount of gold they have said they do for the last 80 years. If they go along with a revaluation, even if by just not refuting it, they can keep the illusion that they have the 8000+ tons of gold they have implied all along. Sometime perception is almost as valuable as reality. One would think gold might begin to reach close to $2000 in these two weeks before the BRICS meet.