With the BRICS meeting in South Africa now only a week away, today we check in with Dr. Jim Willie to get a preview of what he's hearing and expecting in terms of some sort of currency or payment mechanism that has a link to #gold.

Jim shares what he's learned about the BRICS development, the potential structure that the group might look to for such an initiative, and also explains how despite the progress they've made, that they're likely to not be overly forthcoming with details at the meeting next week. Yet he explains the pressure that the development that the trend will place on the US treasury and gold markets, and how it's just the latest blow to US dollar hegemony.

Jim also talks about the latest developments regarding the US debt-loads and treasury auctions, and why that's continuing to drive participants out of the market. He describes the concerns he has about the fragility of the system, and some of the problems that are developing as the rest of the world is beginning to accept that the debt simply won't be paid back.