Currency Wars: BRICS Currency vs US Dollar - The End of USD Dominance? | The Gold Spot

Don’t let the summer slumber fool you into thinking everyone is quiet on the economic front. The mainstream news might be touting a 3% inflation rate, but the country’s economic woes run deep.

The Federal Reserve’s most recent rate hike of 0.25% might seem like a small bump in the grand scheme. However, a closer look reveals that the nudge pushed interest rates to its highest in over two decades.

While the domestic economy is worrisome, investors are laser-focused on threats from abroad. The BRICS nations are meeting next month to discuss alternatives to the US dollar as a reserve currency. The potential of a gold-backed BRICS currency would directly rival the dollar’s dominance which would wreak havoc for American investors.

The rise of digital currencies poses another danger with many people seeing it as an affront to privacy, security, and fundamental rights. Not long after setting a CBDC in motion, the Biden administration released the FedNow Program to encourage users to send payments in digitally. This is viewed by many as a soft putsch to replace the dollar with a digital dollar.

Watch this week’s The Gold Spot to hear Scottsdale Bullion & Coin Sr. Precious Metals Advisor Damian White and Precious Metals Advisor Todd Graf explain how the rise of the BRICS currency could topple US hegemony, why investors are weary of a digital currency, and why #gold and #silver are excellent investment options now.

🔗 RELATED LINKS:

💱 Redefining Currency: The Rise of Digital Currency, and What it Means for Gold and the US Dollar: https://www.sbcgold.com/blog/redefining-currency-the-rise-of-digital-currency-and-what-it-means-for-gold-and-the-us-dollar/

👁️ Executive Order 14067 & CBDC: A Threat to Your Privacy?: https://www.sbcgold.com/blog/executive-order-14067-cbdc-a-threat-to-your-privacy/

🏦 Bracing for CBDC: Unmasking Key Risks Investors Should Prepare For: https://www.sbcgold.com/blog/preparing-for-a-future-with-central-bank-digital-currency-cbdc/

🔒 Safeguarding Your Wealth Amid Petrodollar Shifts: https://www.sbcgold.com/blog/safeguarding-your-wealth-amid-the-disintegration-of-the-petrodollar/