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BRICS potential to topple US dollar with gold

The power dynamics of global currency are perpetually in a state of flux, but one constant has been the steadfast position of the U.S. dollar as the world’s reserve currency.

Yet, even this might be under threat. A shadow has crept over the American financial landscape, and it’s shining with the luster of gold. The BRICS countries (Brazil, Russia, India, China, South Africa) are hatching a plan that could potentially redefine the global currency paradigm.

The BRICS nations have been quietly stockpiling gold, and not in insignificant quantities. According to the World Gold Council, China secured a whopping 102 tonnes of gold in 2023, followed by Russia with 31.1 tonnes, and India adding 2.8 tonnes to its reserves.

These numbers may appear modest on a global scale, but they signal a potential tipping point that could challenge the U.S. dollar.

These four BRICS countries, excluding India, are also among the world’s largest gold producers. China leads with 380 tonnes per year, Russia follows with 300 tonnes, South Africa mines 90 tonnes, and Brazil contributes 80 tonnes.

With control over a significant part of the world’s gold production, the BRICS have the capacity to manipulate gold prices, effectively weaponizing this precious metal.

The financial writer Robert Kiyosaki, who has a flair for predicting economic twists, opined that the BRICS could employ gold to commence their de-dollarization plans, a move that could squeeze the life out of the U.S. dollar.

Source: Cryptopolitan

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