World

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 <p>The formation of a new <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> currency was expected to hit a nail in the U.S. dollar’s coffin. However, <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> ambassador Anil Sooklal confirmed that the next summit in August will not discuss the creation of a new currency. This puts the U.S. dollar in safe territory as no other currency could challenge its global reserve status. However, <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> using <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> to topple the U.S. dollar’s prospects remains looming at large.</p> 
 <p><strong>Also Read: Russia &amp; India Make Huge Announcement on BRICS Currency</strong></p> 
 <p>The BRICS bloc is accumulating gold at a massive pace with a motive to take on the U.S. dollar. The World Gold Council published a report highlighting that China purchased 102 tonnes of gold in 2023. On the other hand, Russia purchased 31.1 tonnes of the precious metal, while India accumulated 2.8 tonnes to its gold reserves. Though the developments look small at the global level, they could be a tipping point for the U.S. dollar.</p> 
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 <h2 class="wp-block-heading" id="h-brics-could-dethrone-the-u-s-dollar-with-gold-predicts-expert">BRICS Could Dethrone the U.S. Dollar With Gold, Predicts Expert</h2> 
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  <img decoding="async" width="1024" height="571" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="usd us dollar gold precious metals brics" class="wp-image-103979 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp.webp 300w, https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp.webp 768w, https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp.webp 380w, https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp.webp 550w, https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp.webp 800w, https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp.webp 1040w" data-srcset-img="https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp 1024w, https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp 300w, https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp 768w, https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp 380w, https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp 550w, https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp 800w, https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp 1040w" data-eio="j"> 
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   <img decoding="async" width="1024" height="571" src="https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp" alt="usd us dollar gold precious metals brics" class="wp-image-103979" srcset="https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp 1024w, https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp 300w, https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp 768w, https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp 380w, https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp 550w, https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp 800w, https://cdn.thebittimes.com/images/2023/07/30/b9216b80efa655f645cbd3a74f6086a7.webp 1040w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    Source: Dailyfx.com 
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 <p>BRICS countries Brazil, Russia, China, and South Africa are among the largest producers of gold in the world. China produces 380 tonnes of gold per year, while Russia produces 300 tonnes. On the other hand, South Africa produces 90 tonnes of the precious metal and Brazil produces 80 tonnes. Therefore, the four BRICS countries, except India, can control gold prices through the weaponization of the precious metal.</p> 
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 <p><strong>Also Read: BRICS Prohibits Western Countries From Attending Summit in August</strong></p> 
 <p>Robert Kiyosaki, the author of the best-selling personal finance book ‘Rich Dad Poor Dad’ predicted that <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> could weaponize <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> to suffocate the U.S. dollar. Kiyosaki mentioned that <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> will begin their de-dollarization efforts with <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> first, and not through launching a new currency.</p> 
 <p><strong>“GANG WARFARE: August 22, 2023, approximately 41 nations. Possibly even France gang up in South Africa to “de Dollarize” the world. Proposal: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> nations will launch “bric” their money. 1 bric = 1 oz of <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a>=$3,000. Bye bye USA,” </strong>he tweeted.</p> 
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">GANG WARFARE: August 22, 2023 approximately 41 nations, possibly even France gang up in South Africa to “de Dollarize” the world. Proposal: BRICS nations will launch “bric” their money. 1 bric = 1 oz of gold=$3,000. Bye bye USA.</p>— Robert Kiyosaki (@theRealKiyosaki) July 26, 2023 
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 <p><strong>Also Read: BRICS Invites Leaders From 69 Countries To Attend Summit in August</strong></p> 
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 <p>However, while these are only speculations, the next summit in August will shed light on the BRICS’ upcoming plans. The group of five nations is advancing to convince other countries to trade in local currencies and not the U.S. dollar.</p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>BRICS</li> 
  <li>BRICS Currency</li> 
  <li>GOLD</li> 
  <li>US DOLLAR</li> 
 </ul> 
</div>

BRICS Could Topple U.S. Dollar With Gold, Says Analyst

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