Andy Schectman: BRICS Meeting to Drive Big Changes, Get Ready with Gold and Silver

The BRICS nations are set to meet from August 22 to 24, and questions are building about what will happen.

Andy Schectman of Miles Franklin shared his thoughts with the Investing News Network, saying that even if a gold-backed BRICS currency isn't announced, the gathering will kick off a big shift that will ultimately have a lasting global impact.

"August 22 is the beginning of a major change in the world. It will begin a change where a massive and growing conglomerate of countries is pushing back against the western hegemony, realizing that this is their shot … so I think it's a big deal," he said.

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Referencing comments from well-known author Jim Rickards, Schectman said what's perhaps most important to watch right now is the growing number of countries that are interested in joining the BRICS. While some nations in the Shanghai Cooperation Organization and the Eurasian Economic Union have already expressed interest in becoming part of the bloc, Schectman said that, like Rickards, he thinks the remainder may be set to do so as well.

"If you combine the Shanghai Cooperation Organization, the Eurasian Economic Union, the BRICS and the Belt and Road Initiative — which is the largest infrastructure project in human history, and a pathway that has every single OPEC country on it — if you put all these countries together, and all of these groups together, you're talking pretty darn close to 90 percent of the human population. This is significant," he emphasized during the conversation.

While the death of the US dollar isn't necessarily imminent, Schectman does see "the beginning of some very serious challenges and changes for the dollar and the dollar system" if a BRICS currency is ultimately created.

"That synthetic demand for settling in the dollar — the petrodollar — is what has really given the dollar its hegemony," he said. "As we continue to crack away at that demand for settlement, it starts to really undermine the reserve status of the dollar."

Watch the interview above for more from Schectman on the upcoming BRICS meeting, as well as how to use gold and silver to prepare for the global changes he sees coming. You can also click here for our Rule Symposium playlist.

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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.