Russia Leads BRICS in Doubling Down on Gold to Dethrone the Dollar The BRICS nations (Brazil, Russia, India, China, and South Africa) are significantly increasing their gold reserves, making them the leading gold buyers of 2023, according to the World Gold Council. China has added 225 tons of gold, with the other member countries also making substantial purchases. This accumulation is part of a strategy to potentially back a new BRICS currency with gold, challenging the dominance of the US dollar. Russia, in particular, has announced plans to double its gold and foreign currency reserves from April 5 to May 7, 2024, as confirmed by Finance Minister Anton Siluanov. This move aligns with BRICS’ broader goal to shift away from using the US dollar for international transactions, a change that could have significant implications for the US economy. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Copper Prices Stabilize After Sharp Decline Amid Inflation Concerns READ MORE Oil Prices Spike as US Inflation Concerns Ease and Geopolitical Tensions Rise READ MORE Federal Reserve Shifts Focus Away from Recession Concerns READ MORE ING Gold Monthly: The Bull Run Isn't Over Yet READ MORE China's Top Banks Launch $8.3 Billion Bond Sale to Boost Capital Reserves READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment