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7.17.23 - BRICS Gold-Backed Currency Fuels Bullish Momentum
Gold last traded at $1,954 an ounce. Silver at $24.84 an ounce.
Precious Metals Surge As BRICS Gold-Backed Currency Fuels Bullish Momentum - What's Next? -FX Empire
Growing euphoria surrounding the potential of new Gold-backed currency has sent the entire precious metals complex surging to fresh multi-month highs - with a long list of metals notching up spectacular double digit gains, in the past few days alone.
And this could just be the beginning!
As tensions with Western economies continue to grow, Russia along with the other BRICS countries including Brazil, India, China and South Africa have made their strategic move to weaken the dominance of the U.S dollar loud and clear.
The announcement adds further momentum to the much discussed "de-dollarization" movement that has intensified since the West imposed massive and unprecedented sanctions on Russia for its invasion of Ukraine.
But the roots of the "de-dollarization" movement go much further back than that and can be traced to the period that followed post-pandemic stimulus measures.
The biggest and most unprecedented money printing programs that the world has ever seen following the COVID-19 pandemic resulted in global inflation skyrocketing to a four-decade high and the worst cost-of-living crisis seen in more than 60 years.
This dynamic - in which essentially a strong dollar "exports inflation" to the rest of the global economy is the prominent driver behind the rapidly growing "de-dollarization" movement.
As Emerging Market economies grapple with raising inflation pressures, the weakening of their currencies relative to the dollar and increased sensitivity to U.S interest rates - their ambition to reduce dependency on the U.S dollar is growing much stronger by the day.