• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Thursday, June 19, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home News

BRICS currency will leverage gold to beat the dollar

by Reshab Agarwal
July 25, 2023
in News, Trending
Reading Time: 3 mins read
0
BRICS currency will leverage gold to beat the dollar
TwitterWhatsappLinkedin

Renowned economist and best-selling author Jim Rickards has outlined the potential consequences of introducing a BRICS currency to rival the dollar, saying that it will leverage gold. According to Rickards, this new currency, referred to as “BRIC” by him, will be linked to a specific weight of gold, serving as an anchor but not redeemable or backed by it. The primary objective of the “BRIC” will be to weaken the dollar by supporting commodity prices.- Brazil, Russia, India, China, and South Africa – are set to launch a new joint currency backed by gold, a move that could have far-reaching implications for the global financial landscape.

You might also like

Gold Surges Toward Record High Amid Escalating Middle East Tensions and Economic Uncertainty

India Approves Starlink License Amid Satellite Internet Push

Mumbai Police Crack Down on Rapido, Uber Bike Taxis for Illegal Operations

Jim Rickards suggests that the BRICS currency may be tied to a specific weight of gold

Economist and best-selling author Jim Rickards recently shared his perspective on a theoretical BRICS (Brazil, Russia, India, China, and South Africa) bloc currency and its potential impact on devaluing the U.S. dollar. Rickards envisions the BRICS currency, which he refers to as “BRIC,” to be tied to a specific weight of gold but not directly backed by it. He suggests that the BRICS nations would rely on the gold markets to determine the value of the currency without intervening to manage the bric-dollar peg.

Consequently, as inflation and devaluation affect the U.S. dollar, the price of the BRICS currency could rise, potentially contributing to the decline of the greenback. Regarding this scenario, Rickards commented:

“It’s a way to destroy the dollar. You don’t need dollars and you don’t need gold. You just need to be smart enough to anchor your currency to gold, and when dollar inflation starts to go up, your currency is going to be worth more because of how you pegged it, not to dollars, but how you pegged it to gold. “

Nevertheless, Rickards acknowledges that this process could take several years to unfold.

Causing disruptions in supply chains

According to Rickards, an alternative method where BRICS currency will leverage gold to accelerate the devaluation of the U.S. dollar would involve intervening in the global supply chains of commodities. As an example, he pointed to the termination of the Black Sea grain deal between Russia and Ukraine, highlighting that grain prices surged by 10% shortly after the announcement of its suspension. Regarding this situation, Rickards provided further insight, stating:

“ So, if I were a BRICS member, and I were Russia in particular, and I had this currency tied to gold, and I wanted my currency to be more valuable and your currency (U.S. dollar) less valuable, one of the ways to do that is mess with the supply chain and drive up the price of oil, gasoline, grain.”

Back in January, Russian Foreign Minister Sergey Lavrov mentioned that the BRICS bloc would be discussing the possibility of an official currency in August. However, Anil Sooklal, the South African diplomat responsible for BRICS relations, has recently clarified that the currency topic will not be on the agenda for the upcoming summit.


Economist Jim Rickards’ vision of a BRICS currency that will leverage gold and aimed at undermining the U.S. dollar has sparked intense debates about the future of the global financial landscape. While the feasibility of such a currency remains uncertain, the BRICS nations’ growing economic influence and their efforts to reduce dependence on the dollar underscore the ongoing shifts in the international monetary system. The potential impact on supply chains and commodity prices further adds to the complexity of this hypothetical scenario. As time progresses, it will be crucial to monitor how the BRICS countries navigate these challenges and shape the future of international finance.

Also Read: Ducati NFTs launch all set for this week on XRP ledger.

Tags: BRICSDollarGold
Tweet55SendShare15
Previous Post

Ducati NFTs launch all set for this week on XRP ledger

Next Post

Japan PM Signals More Web3 Promotion Policies

Reshab Agarwal

Reshab is a tech-enthusiast who likes to write about all things crypto. He is a Bitcoin bull and believes in a decentralized future of finance. Follow him on Twitter for more!

Recommended For You

Gold Surges Toward Record High Amid Escalating Middle East Tensions and Economic Uncertainty

by Anochie Esther
June 18, 2025
0
Gold

Gold prices are edging closer to an all-time high as geopolitical tensions and economic concerns drive a global flight to safe-haven assets. In Asian trading, the precious metal...

Read more

India Approves Starlink License Amid Satellite Internet Push

by Ishaan Negi
June 18, 2025
0
Elon Musk’s Starlink may soon offer satellite internet services in India

Starlink, SpaceX's satellite internet division, is moving quickly to deploy its services in India in a historic step that would hasten the country's digital revolution. A recent high-profile...

Read more

Mumbai Police Crack Down on Rapido, Uber Bike Taxis for Illegal Operations

by Ishaan Negi
June 18, 2025
0
Ride-hailing platform Rapido becomes a unicorn following $120 Mn funding

In a dramatic turn of events, Mumbai’s bustling streets have become the battleground between law enforcement and two of India’s biggest mobility players—Rapido and Uber. On Tuesday, the...

Read more
Next Post
Top 50 Powerhouses of The Wealthiest Cities Around the Globe

Japan PM Signals More Web3 Promotion Policies

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?