BRICS Demand Driving Gold Prices and Dumping US Treasuries
In 2024, China alone offloaded $53.3 billion worth of US Treasury bonds while accumulating substantial amounts of gold.
BRICS
BRICS: Developing Platform for National Currency Transactions
Speaking at a BRICS meeting, Russian Foreign Minister Victor Lavrov told attendees that BRICS is prioritizing the creation of a platform that will enable member states to conduct cross-border transactions in national currencies.
Gold Replacing the Dollar as Reserve Currency for BRICS Members
Central banks across the Global South have been actively bolstering their gold reserves in anticipation of this transition. China, a major player in this shift, has been consistently purchasing gold for 18 consecutive months, with a staggering $53.3 billion worth of U.S. Treasuries being sold off since the beginning of the year.
Silver buyers reporting issues with sales tax and order cancellations with Walmart
As the popularity of buying precious metals online grows, many buyers have experienced issues with being charged sales tax in states where metals aren’t taxed. Some buyers turn to social media for advice on how to deal with customer service when resolving sales tax issues.
Sales tax on precious metals is contentious issue, which is a complicated patchwork of outdated state laws that have created issues that online retailers must contend with since South Dakota v. Wayfair decision in 2018.
Shanghai Gold Price Ends the Year over $2,100 per ounce
As one of the largest markets for physical gold, the demand and supply dynamics in the SGE can have a ripple effect on global gold prices.
This week, the Shanghai Gold Price topped the $2,100 per ounce resistance, closing the year at a record breaking $2,118.20 per ounce, the highest price per ounce in history.
Russian Economist Confirms: BRICS Currency Is Almost Ready
When trade happens in many different currencies, you have high costs of arbitrage of exchange rates between countries. When approaching dedollarization, central banks and countries need to simultaneously consider the fluctuations of national currencies of different countries.
Collectively, BRICS countries encompass over 40% of the world’s population and account for roughly 26% of the world’s GDP, representing a substantial share of global trade.
Central Banks Continue Buying Gold
BRICS countries continue buying gold at a record pace as dedollarization continues.
What is Fiat Money?
Unlike commodity money like gold or silver, which have intrinsic value, fiat money has no inherent value. Its value is solely based on the trust and confidence that people have in the issuing government. If that trust wanes, the value of fiat currency can be at risk and individuals and everyday workers will continue to see the purchasing power of the dollar diminish over the years. It can impact the ability to save for the future and plan for retirement.
SEC Tightens Crackdowns on Crypto Exchanges as Federal Reserve Forces Banks to Adopt FedNow CBDC
The Securities and Exchange Commission launched another attack on crypto exchanges Coinbase and Binance this week, a move that had been expected. Given the overlap with the timeline of the Federal Reserve forcing banks across the country to implement FedNow as part of the backbone of an ongoing effort to implement a central bank digital currency.
Zimbabwe to Launch Gold-Backed Digital Currency
Zimbabwe has had a long history of economic instability. From 2004 until 2009 the country experienced five years of hyperinflation.
More than ten years later, the economy is Zimbabwe is still in shambles. The Zimbabwe dollar was reintroduced in 2019. More periods of high inflation quickly followed.