Will a New BRICS Currency Backed by Gold Mean the End of Global Dominance for the U.S. Dollar?

July 26, 2023

by Michael Snyder The Economic Collapse Blog

Is the global dominance of the U.S. dollar in danger? In recent weeks, there has been lots of speculation about the introduction of a new BRICS currency that would be backed by gold. In this article, my goal is to sort through what is true and what is not true. From August 22nd to August 24th, the 15th BRICS summit will be held in Johannesburg, South Africa. Back on July 5th, RT sparked a firestorm of rumors when it reported that a decision to introduce a new BRICS currency that would be backed by gold would be made prior to the upcoming summit in Johannesburg…

BRICS is set to introduce a new currency backed by gold, in contrast to the credit-backed US dollar, with the decision coming a month ahead of the bloc’s summit in Johannesburg. With the growing initiative, more and more countries are lining-up to join the group.

In the aftermath of that report, many prominent voices were warning that the U.S. dollar was in big trouble.