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The BRICS summit ended on a positive note in August, as the alliance took a historic step to induct six new countries into the bloc. Saudi Arabia, the UAE, Argentina, Iran, Egypt, and Ethiopia are now part of the BRICS group. The alliance turned into an 11-member country, and the development has ruffled a lot of feathers in the Western world. The US, Germany, and the European Union are closely watching the BRICS expansion as it threatens the traditional financial order. Also Read: BRICS : Bank of America Predicts Future of the US Economy BRICS is advancing at a rapid pace in its de-dollarization efforts by cutting ties with the US dollar. The new members have begun settling trade in local currencies by ending dependency on the dollar. India, China, Russia, and the UAE have started using their respective local currencies, reducing their reliance on the greenback. BRICS Expansion: US, Germany & the European Union React Source: csis.org / Martin Bertrand / Adobe Stock West...

A handful of countries around the world are buying massive amounts of GOLD to end reliance on the U.S. dollar. Several nations are coordinating with each other and finding new ways to settle transactions without paying with the USD. Saudi Arabia and China are talking directly and determining whether to settle cross-border payments with their native currency. China has convinced many nations to pay with the Chinese Yuan instead of the U.S. dollar. Also Read: Egypt Looking To Join BRICS & Accept the New Global Currency In addition, developing nations are diversifying their reserves with GOLD along with the U.S. dollar and other foreign currencies. However, GOLD accumulation has spiked since 2022 and most Central Banks are welcoming the move. Central Banks of India, China, Russia, and Brazil, among other countries, are on a GOLD -buying spree. The World Gold Council published a report saying that China purchased 102 tonnes of GOLD , while Russia purchased 31.1 tonnes....