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Can BRICS Dethrone the Dollar?

by Rachel MillsMay 17, 2023

Not tomorrow. But eventually?

Sanctions against Russia got the globe's attention. It wasn't just limitations on trading certain items. Russia was kicked off the Society for Worldwide Interbank Financial Telecommunication network (SWIFT) which is the platform on which international banking is conducted. They also had their foreign exchange reserves frozen.

Weaponizing the dollar was not a great move for its reputation as trustworthy, reliable and apolitical.

Can the United States defend against 41 countries all wanting alternatives to the US dollar, all at once? Especially when such big players as Russia and China are at the helm? That is what is happening with the BRICS+ bloc.

The sanctions against Russia were a wake-up call that the United States can and will use the power of the dollar as an enforcement mechanism in foreign policy. 41 countries are lining up with BRICS realizing they could be next and a parallel system needs to exist.

The "BRICS buck" won't dethrone the dollar overnight, or cause a huge crash all of a sudden one day. But what it does is signal a trend. Matthew Piepenburg of Matterhorn Asset Management put it this way in a recent interview.

"The clear trend of breaking ranks with the US dollar as a trusted, reliable, dependable trade currency and payment system is now I think irrevocable."

There is much talk of gold being involved in the backing of this new currency. Many are wising up to the folly of backing currencies only on the word of a government - any government. And so they are talking about partially backing the currency with gold, among other assets.

Gold is currently off its recent all-time highs above $2000. Does this represent a buying opportunity for you?  Don't expect it to go back to $1100 or $300 or where ever it was the last time you thought it was too high. Don't procrastinate. International trade is trending away from dollar demand. You may not have many more opportunities before the dollar really sinks and gold takes off.

NOW is the time to put your portfolio on the gold standard. Call us today.

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