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Breaking News: 

A leaked report from Russia’s state-run news agency Russia Times (RT) says Brazil, Russia, India, China and South Africa (BRICS) are in the “final phase” of their battle against the US dollar 

According to the report entitled “Russia-China real gold standard means end of US dollar dominance,” the BRICS countries are developing a new gold-backed trading currency together. And they’re scheduled to announce their plans to the world during the BRICS Summit in South Africa on August 22nd. 

Former President Donald Trump warns they’re “trying to displace the US dollar as the number one currency throughout the world,” adding “If this happens … this would be the biggest defeat for our country in its history.” 

Joseph W. Sullivan, former special advisor and staff economist at the White House Council of Economic Advisers during the Trump Administration says, “A BRICS currency could shake the dollar’s dominance: de-dollarization’s moment might finally be here.” 

Esteemed economist Jim Rickards agrees and calls it “The Biggest Monetary Shock in 52 Years” and says, “Quite simply, the world is unprepared for this geopolitical shock wave.” 

But Treasury Secretary Janet Yellen says she isn’t too concerned:

“…the United States can rest assured that the dollar is going to play the dominant role in facilitating international transactions and serving as a reserve currency in the years ahead. I don’t see that role being threatened by any development including [the BRICS gold-backed currency].

However, Yellen’s view may be shortsighted because BRICS’ latest efforts to circumvent the West’s financial dominance come after a long, coordinated de-dollarization offensive. 

And according to a report from Markets Insider, Eurizon strategists report, “the US dollar’s reserve currency status has seen gradual erosion for two decades. But last year the pace of erosion was 10 times faster.” 

Why is BRICS doing this? 

Although whispers of dethroning the US dollar have been making news headlines since at least 1968, analysts say this latest mass-effort by BRICS and allied nations is a direct response to Washington’s “weaponization” of the US dollar following Russia’s invasion of Ukraine. 

After the war started, the US government froze $330 billion in currency reserves, which stopped Russia’s ability to complete international transactions in US dollars.  

In response, Russia’s economy shifted toward China’s yuan and gold to circumvent Washington’s punitive efforts. 

And Claudio Grass of Precious Metal Advisory Switzerland told RT the BRICS move is nothing new and called it “just part of a geopolitical tectonic shift which started decades ago.” 

Regardless of BRICS’ motives or how long their efforts have been in motion… 

It’s important to note the sheer size of the East’s de-dollarization fight. 

So far, at least 41 countries — possibly over 60 according to some sources — have applied for BRICS membership. The IMF says BRICS includes “40 percent of the world’s population spread out over three continents.” And if the BRICS initiative succeeds, an estimated 50% of the world’s economy may join the de-dollarization initiative and return to the gold standard. 

Central banks know this. 

And they’re already stockpiling gold. 

As we reported in April, the World’ Gold Council says the world’s biggest central banks bought the most gold since 1950 in 2022, and in the first quarter of 2023 that pace has only increased. 

But what does all this mean for gold owners? 

This massive increase in central bank gold-buying combined with the BRICS de-dollarization efforts could trigger greater global demand for gold. And as global demand for gold begins to rise, we may see prices soar with it. 

FX Empire says, “This Could Be the Last Opportunity to Buy Gold Below $2000.” 

Analyst AG Thorson says, “the gold train is about to leave the station” and believes world gold demand could push gold as high as $3,000 “by this time next year.” 

And the Gold Specialists here at Gold Alliance say, with the August 22nd BRICS currency announcement on the way, it’s time to keep your eyes open and plan accordingly. 


If all your savings are held in US dollars, right now may be your window of opportunity to consider shifting a portion of your savings into gold. To find out more and get the clarity you need to diversify your savings with confidence now, claim your FREE Gold Information Kit here. Or call 888-529-0399 for a FREE, no-obligation consultation with a Gold Specialist.

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The post Leaked BRICS Gold-Backed Currency Scheme Sends Shockwave Through Financial World appeared first on Gold Alliance.