The American dollar system is broken. All of the major swings in the economy over the last few years that have been driven by political and policy-based initiatives have led to a decline in global trust of the American dollar. The ongoing banking crisis makes it more evident.
The mines in Egypt’s Eastern Desert represent an incredible source of income for the country. Gold from the El Sukari mine is already being used to grow the Central Bank of Egypt’s reserves which have recently been reported to have increased to 125 tons of gold.
Brazil’s international dollar currency reserves lost over $37.5 billion in from 2021 in 2022 due in large part to lower returns amid the US Federal Reserve’s rate hikes and dollar manipulation. While the country’s central bank reported gold holdings are valued at roughly $7.602 billion.
The BRICS alliance is planning a new currency that will be backed by gold and other commodities such as rare earth elements and fertile soil in an attempt to further dislodge the global hegemony of the dollar as the world’s reserve currency.