BRICS Summit 2023: Key Takeaways & the New Challenges to the Dollar's Supremacy | The Gold Spot

The highly anticipated 2023 BRICS Summit kicked off this week as the world economy takes a dramatic turn away from the US dollar. With over 40% of the world’s population and the globe’s largest GDP, the BRICS nations wield significant sway on the world stage.

Brazil, Russia, India, China, and South Africa kicked off their 15th summit by furthering their united cause of de-dollarization. One of the major proposals was an alternative to the SWIFT system which facilitates the majority of international transactions.

Although the potential of a BRICS currency wasn’t raised on the summit’s first day, many leaders of member nations still advocate for the creation of a cross-border currency to rival the dollar. The fact that such a discussion is taking place proves just how low the dollar has fallen. Plus, the BRICS bloc signaled a decisive step forward by adding six new nations (Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the UAE) to the roster.

The biggest takeaway from the BRICS summit is the world’s desire for a post-dollar global economy. There might only be 11 BRICS nations right now, but over 40 nations have expressed a desire to join the bloc.

Watch this week’s The Gold Spot to hear Scottsdale Bullion & Coin Precious Metals Advisors Todd Graf and Joe Elkjer explain the key moments of the BRICS Summit so far, how investors could be affected, and how you can secure your wealth.

🔗 RELATED LINKS:

🇧🇷🇷🇺🇮🇳🇨🇳🇸🇦 BRICS Currency: What It Is & What It Means for Investors: https://www.sbcgold.com/blog/brics-currency-what-it-is-what-it-means-for-investors/