Over the past few months, we have seen how the BRICS countries are gaining ground. An energetic bloc is forming, which will soon play out its geopolitical power via the currency markets, break away from the swift system and declare war on the Petrodollar. We see in the accumulation of gold how the central banks involved are trying to build up a capital base beyond fiat money and thus establish mutual trust in their own currencies.

The biggest act, however, will be Saudi Arabia's unpegging from the Petrodollar. As in the case of Russia a few years ago, Saudi Arabia is now being provided with dollar swap lines by China. These are loans that are later to be repaid in yuan to cushion the potential shock of an embargo and at the same time help the Chinese currency to spread further and thus become more important internationally. We are already seeing pressure on the oil market hitting Saudi Arabia with a budget deficit. In the last week we have seen several meetings between Russia, Saudi Arabia and Iran, all aimed at installing this new commodity trading space.

The countries involved will soon have integrated a financial system that can absorb external shocks and they will exit the general dependence on the dollar. The rude awakening will come when it becomes clear that the OPEC countries' production cuts will have consequences in the medium term. Do not count on cheap energy for too long a time!