Is BRICS Really Going Back on The Gold Standard?

Gold bugs and dollar bears are going bananas over a recent story that the Russian Government has "confirmed" that the BRICS countries will be launching a new gold-backed currency in August. But is that what really happened? Where did this story come from? Why would Brics do this? Why haven't they done it already? And why did the United States even abandon the gold standard in the first place?

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