With the global de-dollarization trend accelerating, the two assets that could stand to benefit are gold and the crypto space, according to analysts.
The five countries are also trying to create an alternative mechanism for international payments, he added. Analysts see this new BRICS reserve currency proposal as an alternative to the U.S. dollar and the International Monetary Fund's Special Drawing Rights currency. "The speed with which western nations and its allies sanctioned Russian FX reserves no doubt shocked Russian authorities. The Central Bank of Russia effectively admitted as much and no doubt some BRICS nations – especially China – took notice of the speed and stealth at which the U.S. Treasury moved," Turner pointed out."BRICS nations may therefore feel they need an alternative reserve currency to match something like the IMF's SDR.
Another asset that could benefit from a bigger de-dollarization move is Bitcoin, said Wells Fargo's real asset strategy head John LaForge.
PUTIN WILL INVADE FINLAND POLAND AND SWEDEN
Way to go India, now I shall stop buying Indian let russia buy.
Nothing would benefit gold
Link ?
I can only hope so. Money backed by something other than 'Full Faith', the Fed's not gonna like that!!