El Dorado Gold
  • Home
  • Market
  • Business
  • Finance
  • Investing
  • World
  • Technology
  • Politics
  • Health
No Result
View All Result
SUBSCRIBE
El Dorado Gold
  • Home
  • Market
  • Business
  • Finance
  • Investing
  • World
  • Technology
  • Politics
  • Health
No Result
View All Result
El Dorado Gold
No Result
View All Result
Home News

BRICS Utilizes Gold and Oil to Devalue the Dollar – Strategic Economic Move

kent-jackson by kent-jackson
June 28, 2024
in News
0
BRICS Utilizes Gold and Oil to Devalue the Dollar – Strategic Economic Move
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter

Latest news: the economic alliance BRICS (Brazil, Russia, India, China, and South Africa) had a strong 2024 in terms of the de-dollarization mission: the production of gold and oil has become a key strategy to dethrone the US dollar.

Led by its five founders and the recently introduced member countries, the bloc is eager to abandon the US dollar as the main global reserve currency. 

The alliance has turned to multiple sectors and resources to achieve this goal, and these sectors have worked well so far.

The strategy based on gold and oil of the countries in the latest news from BRICS

Gold has always been considered a safe store of value, especially in times of economic uncertainty. The BRICS countries, particularly China and Russia, have significantly increased their gold reserves in recent years.

China, which is also the largest gold producer in the world, has accelerated its efforts to increase gold reserves, seeking to establish the yuan as an international reserve currency.

Russia, on the other hand, has used gold as a tool to protect itself from Western sanctions and to diversify its reserves away from the US dollar. 

Both countries are now looking to create a gold-backed currency for international transactions within the BRICS bloc. This approach aims to build trust among trading partners and reduce dependence on the dollar.

Oil is another strategic resource in the BRICS plan to dethrone the dollar. Russia, one of the largest oil producers in the world, has already started selling oil in currencies other than the dollar, such as the ruble and the yuan. 

This is a significant step towards de-dollarization, as oil is traditionally traded in US dollars globally.

Furthermore, the countries of the Middle East, such as Saudi Arabia, which have historically been allies of the United States, are showing a growing interest in diversifying their economic alliances and evaluating the possibility of accepting other currencies for oil transactions. 

If this trend continues, it could mark a significant turning point in the global financial system.

Collaborations and infrastructures with the goal of de-dollarizing

The BRICS are also investing in financial infrastructure to support de-dollarization. 

The New Development Bank (NDB), founded by the BRICS, was created to finance development projects within the bloc, reducing dependence on Western financial institutions such as the International Monetary Fund (IMF) and the World Bank. 

The NDB has started issuing loans in local currencies of member countries, further promoting the use of national currencies in trade and investment.

Furthermore, the creation of alternative payment systems, such as China’s Cross-Border Interbank Payment System (CIPS), offers an alternative to the U.S.-dominated SWIFT system. 

This allows BRICS countries to conduct international transactions without going through the dollar, reducing their exposure to U.S. financial sanctions.

Despite the progress, the road towards de-dollarization is not without challenges. The US dollar remains deeply entrenched in the global financial system, with most international trade still denominated in dollars. Additionally, the liquidity and stability of the dollar make it an attractive choice for investors and governments around the world.

However, the commitment of the BRICS to diversify their reserves and promote the use of national currencies could slowly erode the dominance of the dollar. With the increase in geopolitical tensions and economic instability, the search for alternatives to the dollar becomes increasingly relevant.

Conclusion

The year 2024 marked a crucial year for the BRICS economic alliance in its mission of de-dollarization. Gold and oil have become fundamental pillars of this strategy, with the goal of reducing dependence on the US dollar and promoting a more multipolar financial system. 

Through the increase of gold reserves, the sale of oil in alternative currencies, and the development of independent financial infrastructures, the BRICS are attempting to dethrone the dollar and reshape the global economic landscape.

The future of de-dollarization will depend on the ability of the BRICS to maintain cohesion and continue to expand their economic influence. If they succeed, the world could see a significant transformation of the international financial system in the coming decades.

**Insight:**
The BRICS alliance’s focus on utilizing gold and oil as strategic resources to reduce reliance on the US dollar highlights their commitment to creating a more balanced global financial system. By incorporating these assets into their de-dollarization strategy, BRICS countries are not only diversifying their financial reserves but also challenging the traditional dominance of the dollar in international trade. This approach signifies a fundamental shift in the economic landscape, potentially leading to a more multipolar world order where national currencies play a more prominent role in global transactions.

You might also like

Couple accused of scamming $4 million from women in supposed gold mine ownership scheme, authorities report

West Red Lake Gold Announces Latest News on Madsen Mine Reopening

Today’s Gold and Silver Prices as of 31-10-2024: Find the Latest Rates in Your City

Share30Tweet19
kent-jackson

kent-jackson

Recommended For You

Couple accused of scamming $4 million from women in supposed gold mine ownership scheme, authorities report

by kent-jackson
October 31, 2024
0
Couple accused of scamming $4 million from women in supposed gold mine ownership scheme, authorities report

COLORADO SPRINGS, Colo. (KKTV/Gray News) - A couple was placed behind bars in Lee County, Florida, this week after officials say they defrauded two women in Monument, Colorado,...

Read more

West Red Lake Gold Announces Latest News on Madsen Mine Reopening

by kent-jackson
October 31, 2024
0
West Red Lake Gold Announces Latest News on Madsen Mine Reopening

VANCOUVER, British Columbia, Oct. 31, 2024 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or the “Company”) (TSXV: WRLG) (OTCQB: WRLGF) is pleased...

Read more

Today’s Gold and Silver Prices as of 31-10-2024: Find the Latest Rates in Your City

by kent-jackson
October 31, 2024
0
Today’s Gold and Silver Prices as of 31-10-2024: Find the Latest Rates in Your City

Gold and Silver Prices Today: Gold prices saw a slight increase on Thursday. The cost of 24 carat gold is Rs.8134.3 per gm, up by Rs.710.0. The cost...

Read more

Golden Fields: Latest News, Sports Updates, and Job Opportunities

by kent-jackson
October 31, 2024
0
Golden Fields: Latest News, Sports Updates, and Job Opportunities

Provided by Frank Swain Golden rod fills a field with color near Dexter City recently. If you have a recent photo that showcases the beauty of the Mid-Ohio...

Read more

Gold prices reach all-time high level

by kent-jackson
October 31, 2024
0
Gold prices reach all-time high level

Gold prices have been hitting record highs on a consistent basis in recent times. Global Economic Uncertainty One of the key drivers behind the surge in bullion prices...

Read more
Next Post
Quarterly Gain for Gold Eyes; Focus on US Inflation Data for Search Engine Optimization

Quarterly Gain for Gold Eyes; Focus on US Inflation Data for Search Engine Optimization

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Related News

Best Gold Funds to Invest in During Rising Prices

Best Gold Funds to Invest in During Rising Prices

September 27, 2024
Marvel to Resume Gold Anomaly Exploration at Victoria Lake – Latest National News

Marvel to Resume Gold Anomaly Exploration at Victoria Lake – Latest National News

April 3, 2024
Gold and silver prices on April 10, 2024: Gold prices rise by 0.60% to Rs 71,438, while silver reaches record high

Gold and silver prices on April 10, 2024: Gold prices rise by 0.60% to Rs 71,438, while silver reaches record high

April 10, 2024

Browse by Category

  • News
El Dorado Gold

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

CATEGORIES

  • News

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Landing Page
  • Buy JNews
  • Support Forum
  • Contact Us

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?