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 The World Bank: Gold Investing Handbook for Asset Managers READ MORE Powell Cautious on Rate Cuts, Sees Longer Path to Inflation Target READ MORE 15 Weakest Currencies in 2024 READ MORE Silver Poised for Major Breakout: Key Levels to Watch READ MORE Gold Rally Continues nearing $2,500 with Traders Betting on Fed Rate Reductions READ MORE Add a Comment Cancel replyYour email address will not be published.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