Australia and Denmark ready to defy the U.S.
Peter Walden, News Editor
30 Mar 2015, 4:13 p.m.
It looks highly likely that Australia and Denmark are going to defy the U.S and join the Beijing –backed Asian Infrastructure Investment Bank commonly known as the AIIB.
The AIIB is a new Chinese backed Bank which many believe is set to replace the U.S. controlled International Monetary Fund (IMF).
So far this month the UK, Russia, Netherlands, France, Germany and Italy announced they would join the AIIB as founding members of the organisation. Unsurprisingly, the U.S. has been quick to criticise the organisation.
Many gold analysts believe the BRIC’s bank (Brazil, Russia, India, China and South Africa) which was set up 2013 to facilitate trade between the nations will eventually be more important than the AIIB. Many speculate the BRIC’s countries will eventually back their currency by gold and silver via the BRIC’s bank.