Why New BRICS Currency Will Fail, In 3 Charts, And Where In 1979 Are We?

Because top gold stacking central banks have failing currencies. And we're somewhere in January-March 1979 or so.

Extended Tax Day Deadline Today

We could see some action in the SOFR market today, which will clocked in tomorrow (day lag) due to tax day October 15 for extensions. It's also the deadline for American citizens living abroad to file. Repo markets were closed yesterday for Columbus Day. So were bond markets. Because repo has been closed since October 11, there could also be some extra stress today for that reason. It's not going to break, but we'll get another idea of how tight it is by tomorrow morning. I expect reverse repos to fall as well somewhat today and tomorrow.

Gold Hoarding by Central Banks Doesn't Matter for Currencies, 3 Exhibits

An infographic came out about the top central bank gold stackers. They were Russia at #1, China at #2, and Turkey at #3. Russia has the 3^rd worst price inflation rate in the world now and Turkey is still in a prolonged currency death. All three currencies are down against the dollar over the last 10 years when data for this infographic begins. Here's the Ruble vs the dollar, despite Russia being the #1 gold stacker.