Xi Jinping Snubs G20 Summit to Flex BRICS Influence | The Gold Spot

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Every year, the G20 Summit bridges geopolitical boundaries to bring together the world's leading economic powers to discuss economic stability and cooperation. This year's discussion was overshadowed by the key absences of Chinese President Xi Jinping and Russian President Vladimir Putin.

For decades, China has pursued an active diplomatic strategy as a means to further its influence on the world stage. Xi’s decision to snub the G20 meeting points to a growing rift in the world economy between the Western-dominated status quo and the rise of emerging powers, especially among the BRICS nations.

The BRICS collection of burgeoning economies is building a formidable force to rival the US dollar on the world stage. With the discussed development of a gold backed BRICS currency and the addition of six new member states, BRICS is directly challenging American hegemony. Beijing’s absence at the G20 Summit marks the group’s waning influence and the rise of the BRICS.

In response to growing economic uncertainty, central banks around the world are scooping up gold at record rates. Smart money is following suit by diversifying their portfolios for better protection from the incoming sea change in the global economy.

Watch this week’s The Gold Spot to hear Scottsdale Bullion & Coin Founder Eric Sepanek and Information Consultant Wally Gordon explain the growing feud between the US, China, and Russia, what it could mean for the world economy, and how investors can protect their wealth.

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