BRICS Could Topple U.S. Dollar With Gold, Says Analyst

The formation of a new BRICS currency was expected to hit a nail in the U.S. dollar’s coffin. However, BRICS ambassador Anil Sooklal confirmed that the next summit in August will not discuss the creation of a new currency. This puts the U.S. dollar in safe territory as no other currency could challenge its global reserve status. However, BRICS using GOLD to topple the U.S. dollar’s prospects remains looming at large.

Also Read: Russia & India Make Huge Announcement on BRICS Currency

The BRICS bloc is accumulating gold at a massive pace with a motive to take on the U.S. dollar. The World Gold Council published a report highlighting that China purchased 102 tonnes of gold in 2023. On the other hand, Russia purchased 31.1 tonnes of the precious metal, while India accumulated 2.8 tonnes to its gold reserves. Though the developments look small at the global level, they could be a tipping point for the U.S. dollar.

BRICS Could Dethrone the U.S. Dollar With Gold, Predicts Expert

usd us dollar gold precious metals brics
Source: Dailyfx.com

BRICS countries Brazil, Russia, China, and South Africa are among the largest producers of gold in the world. China produces 380 tonnes of gold per year, while Russia produces 300 tonnes. On the other hand, South Africa produces 90 tonnes of the precious metal and Brazil produces 80 tonnes. Therefore, the four BRICS countries, except India, can control gold prices through the weaponization of the precious metal.

Also Read: BRICS Prohibits Western Countries From Attending Summit in August

Robert Kiyosaki, the author of the best-selling personal finance book ‘Rich Dad Poor Dad’ predicted that BRICS could weaponize GOLD to suffocate the U.S. dollar. Kiyosaki mentioned that BRICS will begin their de-dollarization efforts with GOLD first, and not through launching a new currency.

“GANG WARFARE: August 22, 2023, approximately 41 nations. Possibly even France gang up in South Africa to “de Dollarize” the world. Proposal: BRICS nations will launch “bric” their money. 1 bric = 1 oz of GOLD=$3,000. Bye bye USA,” he tweeted.

Also Read: BRICS Invites Leaders From 69 Countries To Attend Summit in August

However, while these are only speculations, the next summit in August will shed light on the BRICS’ upcoming plans. The group of five nations is advancing to convince other countries to trade in local currencies and not the U.S. dollar.

  • BRICS
  • BRICS Currency
  • GOLD
  • US DOLLAR

Comments

Post a Comment

Popular posts from this blog

LBank Breaks Down Bitcoin's Double-Digit Price Surge

Image
Road Town, BVI, 25th March, 2023, Chainwire Global cryptocurrency exchange LBank has analyzed Bitcoin’s spot performance, which has culminated in an eight-month high of $28,000. LBank Co-founder Johnason Chan and LBank Labs board of directors member Czhang Lin have provided in-depth analysis of the price increase.  Shortly after the collapse of Silvergate Bank, Silicon Valley Bank (SVB), and later Signature Bank , liquidity concerns for decentralized fintech players piled up. Many believed a valuation drop would have been inevitable for crypto. However, Bitcoin has performed beyond expectations, starting the week off with a 27% rise to just below $28,000 . At the time of writing, the world’s largest digital asset by market capitalization seems to have stabilized, continuing to hover around $28,000. The market movement of Bitcoin is hard to make sense of, considering the ongoing unraveling of a banking crisis and expectations of further US interest rate hikes . However,...
Read more

How to Buy Bitcoin in 2023

This is the best time to get into the Bitcoin trade. Cryptocurrencies are now widely accepted and they are making their way to traditional stock exchanges, with the backing of some large investors. They are easy to use and countless businesses accept them as a payment option. In this article, we’ll explain what are the best ways to buy Bitcoin and how to do it as a novice. We’ll also present you with a few options when it comes to exchanges since all of them have some unique benefits that may be useful to a specific group of investors. The Essentials  Before getting into the different exchanges and how to use them, we’ll first go over the essentials. The basic process for buying Bitcoin is the same regardless of which exchange you’re using and how much Bitcoin you’re buying. The process is done in 4 simple steps. Open an Account with an Exchange  Visit any exchange you want and set up an account on it. The process is similar to setting...
Read more

Core's Revolutionary Satoshi Plus Consensus Marries Decentralization, Security, and Scalability

Image
Singapore, Singapore, 30th March, 2023, Chainwire Core is a novel layer one blockchain that is pushing the boundaries within the crypto space. Inspired by Bitcoin and Ethereum, Core progresses beyond those blockchain behemoths by synthesizing each of their superpowers. A student of blockchain history, philosophy, and innovation, Core optimally balances decentralization, security, and scalability. Without Core’s advancements, crypto has been plagued by the “Blockchain Trilemma,” which states that decentralization, security, and scalability can never be achieved simultaneously. Tackling the Trilemma head-on, Core DAO contributors have designed a unique consensus mechanism known as Satoshi Plus, which marries the decentralization and security of Bitcoin’s Proof of Work (PoW) with the scalability of Delegated Proof of Stake (DPoS).  With Satoshi Plus consensus, both Bitcoin miners and CORE token holders can participate in network security by delegating their BT...
Read more