As tensions with Russia and China escalate, the so-called BRICS countries (Brazil, Russia, India, China, and South Africa) are preparing to strike a blow against U.S. dollar hegemony.
Last week, the Russian Embassy in Kenya declared, “The BRICS countries are planning to introduce a new trading currency, which will be backed by gold.”Russia has had no choice but to pursue alternatives to the dollar in response to it being blacklisted from the SWIFT international payments regime.
Other nations have taken note of this retaliatory blacklisting – something the U.S. hadn’t even done during the Cold War – and have been increasingly repatriating their gold holdings to insure against future attacks or sanctions.
Now China is looking to strike back at the U.S. as well.
Bullish on gold miners
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