In 2022 and 2023, BRICS nations led global gold purchases, continuing this trend into 2024. Russia and China are particularly notable, reducing US Treasury bond holdings and accumulating substantial gold reserves.
China alone divested $53.3 billion in US Treasury bonds in 2024, focusing on acquiring gold. While other BRICS countries are following this trend to a lesser extent, China's actions significantly drive the shift away from US Treasuries.
Data as of31 March, 2024
Egon von Greyerz, Founder of Matterhorn Asset Management, calls this period the “BRICS gold era,” highlighting a growing preference for gold over the US dollar in BRICS central banks. Greyerz envisions a future where fewer countries hold US dollars as reserves, advocating for gold as a secure historical reserve asset.
As BRICS nations bolster their gold reserves and reduce reliance on US dollars, the global economic landscape could experience substantial changes. This strategy may strengthen local currencies and economies within developing nations, while challenging the dominance of the US dollar in global trade dynamics.
Following the Saudi Arabia’s exit from the petrodollar deal, one would wonder what would propel Saudi Arabia to exit this deal after such a long time. Could it be a coincidence that this exit also happen to clash with Saudi Arabia’s new membership with BRICS. What then would this mean for the future of the US dollar?
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