BRICS Locks Down 20% of Global Gold: Are the Dollar’s Days Numbered?
By Bill Brocius
BRICS nations are in the middle of a gold-buying spree, adding tons of precious metal to their central bank reserves. The goal? Reduce dependence on the US dollar and insulate their economies from geopolitical risks. As they diversify with gold and local currencies, the BRICS countries are making it clear: the days of dollar dominance are numbered.
A World Gold Council report confirms that the now nine-member BRICS bloc holds over 20% of the world’s gold reserves in 2024. The buying frenzy began in 2022 after the US unleashed sanctions on Russia, driving BRICS members to stockpile gold at a breakneck pace. In 2022 and 2023, BRICS was the world’s largest buyer of gold—and the hoarding has continued unabated through 2024.
Russia and China Lead the Charge
Russia is spearheading the gold rush with 2,340 tons, representing 8.1% of global reserves. Right on its heels, China holds 2,260 tons, making up 7.8%. Together, these two powerhouses control 74% of BRICS’ total gold reserves. Meanwhile, India, Brazil, South Africa, and the UAE have also contributed to the bloc’s growing gold stockpile, positioning the alliance as a formidable financial force.
A New Currency on the Horizon?
For months, rumors have swirled that BRICS might introduce a gold-backed currency to challenge the dollar head-on. All eyes are now on the 16th BRICS summit, set to take place in Kazan, Russia, where the expanded nine-member group will meet for the first time since their 2023 expansion. Many expected the summit to be the stage for unveiling a gold-backed alternative to the dollar.
But Russian President Vladimir Putin recently poured cold water on the idea—for now. Instead, he confirmed that BRICS will prioritize local currencies for trade, aiming to bypass the dollar entirely. This strategy is already in motion: 78% of oil trade within the BRICS bloc is now settled in non-dollar currencies. If the alliance rewrites trade policies to settle more transactions in local currencies, the impact on the US economy could be devastating. Key industries in the States could face upheaval as dollar-based trade begins to erode.
Prepare for the Fallout
This shift toward gold and local currencies is more than a geopolitical move—it’s a warning sign that the financial system is unstable. If BRICS continues down this path, banking systems tied to the dollar could face serious disruptions. Will your bank be next? Don’t take that chance. Download my free ebook, 7 Steps to Protect Your Account from Bank Failure, and learn how to safeguard your savings before it’s too late.
If you’re ready to dive deeper, join my Inner Circle for just $19.95 a month. Gain access to exclusive insights, detailed breakdowns of the global shift, and real-time advice on how to protect yourself from what’s coming. The time to act is now—because once the collapse starts, it will be too late.
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The writing is on the wall. BRICS is stacking gold—and the dollar’s days are running out. Are you ready?
