Topic: Gold Oil Peg

Dr. Elliott discusses a proposal by Russian economist Sergei Glazyev to peg the price of oil to gold. He notes that if the BRICS nations adopt this peg, it could instantly devalue the U.S. dollar and push the price of gold to $3,600 an ounce. The segment highlights China's massive, unofficial gold reserves and its strategy to become the world's dominant economic power by controlling tangible assets.

Russian economist Sergei Glazyev has proposed pegging one gram of gold to one barrel of oil to undermine the U.S. dollar. Credit Suisse analyst Zoltan Pozar suggests this could drive gold prices to $3,600 an ounce. This move is particularly threatening because the U.S. Strategic Petroleum Reserve is depleted, and China has amassed an estimated 30,000 tons of gold to back a new global currency.