In an effort to change the global economic landscape, BRICS is launching an extraordinary 'gold rush' that promises a world without the dominance of the US dollar.
To date, the BRICS bloc has amassed more than 20% of global gold reserves, with Russia leading the way with 2,340 tonnes and China trailing behind with 2,260 tonnes.
This momentum was triggered after the US imposed strict sanctions on Russia in 2022, making the BRICS the biggest buyers of gold in recent years.
In the recent BRICS summit in Kazan, discussions focused on the formation of a stronger trade policy and a long-term strategy to reduce the influence of the dollar in international trade.
Among the important issues discussed is the potential establishment of a 'BRICS Unit' which is a gold-based trading currency unit.
Although there has been speculation about the creation of new gold-based currencies such as stablecoins, several BRICS countries have rejected the idea, preferring to facilitate trade using local currencies as a more practical alternative.
The desire to reduce dependence on the dollar is becoming more evident.
Foreign currency reserves in US dollars which previously dominated 70% have now fallen to 60%, reinforcing the growing trend of de-dollarization.
With this step, BRICS shows a serious commitment to form an alternative financial system that can compete with the US economy and thus open a new chapter for the future of the world economy.
With every ton of gold accumulated, the BRICS are not just seeking protection but building a future without Western dominance.
Is the future of the global economy going to see the 'dollar empire' finally collapse under the rise of BRICS gold?
