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MTrading Team • 2023-07-12

BRICS Countries Can Return to the Gold Standard

BRICS Countries Can Return to the Gold Standard

BRICS is about to make the net move and return to the gold standard. Experts say the United States should not underestimate the threat the organization poses to the USD. We may see the end of the U.S. dollar being the global reserve currency.

Despite the fact, the BRICS countries (Brazil, Russia, India, China, and South Africa) have been showing some slow moves over the last few years, the organization is now in the position to make the next step forward. What does it mean? Analysts predict another serious attack on the US dollar. It might be the biggest threat to the world’s reserve currency since WWII.

What are they going to do? The BRICS countries are expected to introduce a new currency backed by gold. In simpler words, they want to bring gold standards back. The next move can be taken during the upcoming BRICS summit taking place this August.

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There is a possibility that the world will get a clue about what the new currency may look like. According to some predictions, the BRICS countries will have a fully-featured gold-backed currency by the end of 2030. The organization took a strong path while developing powerful mechanisms to oppose countries from the G7 with representatives and secretaries in all parts of the world, economic and social fields, sports, education, etc.

What’s more, the BRICS group is expanding all the time. More and more developing countries are eager to join the “club”. The organization will grow bigger in the next few years featuring Gulf countries on the list as well.

It all creates a stronger trend to de-dollarization. Some of the sectors are already turning from the US dollar. For example, energy trading is heading the opposite way from the greenback. It all triggers significant geopolitical implications.

As a result, we will o longer see the energy market traded in dollars. If so, banks will no longer be forced to hold USD as the main reserve currency.

May the trading luck be with you!