The official announcement is expected during the upcoming BRICS Summit in South Africa, this August.

If this takes place, it will likely mark the end of "fiat" currencies like the US Dollar, which is backed by nothing.

How fast nations around the world switch to using this new gold-backed currency for their foreign trade, is anyone's guess.   

The more countries that choose to use this new currency, the more foreign-held US Dollars will come rushing back to the USA from those countries, which no longer need to hold US Dollars for their foreign trade.   As those Dollars come back to the USA, it will cause inflation to spike in ways never-before seen here in America.

The US manufactures almost nothing here anymore.  Almost everything we buy and sell in the USA is made overseas.   As US dollars come flooding back from overseas, the value of the US dollar will plummet versus other currencies, which means it will take many more US Dollars to buy goods from foreign countries.

Hence, sudden and dramatic inflation here at home.