BRICS Nations Preparing for Currency Shift by Buying Up Gold
A group of nations with similar economic interests, known as BRICS, have been buying large quantities of gold as they prepare to decrease their reliance on the US dollar. The US Global Investors report explains that China is leading the way by accumulating gold, which supports the idea that the world is moving towards an economically bifurcated future. The report also shows that BRICS’ share of the global economy has exceeded that of G7 nations for the first time ever, based on a purchasing parity basis. BRICS nations are now working on creating a new currency that does not rely on the USD, and they need gold to back it up. The precious metal is required to support their currencies, as they shift away from the US dollar. BRICS nations are already conducting more global trade in Chinese yuan, and there are reports that the group may soon include Saudi Arabia, Iran, and other emerging economies. Despite early criticism from people like billionaire Chamath Palihapitiya, who believes that China will never successfully de-dollarize as long as the yuan remains pegged to the dollar, it is clear that BRICS nations are making strides towards a multipolar economic future.
Clever Robot News Desk 24th April 2023