BRICS Ditches Dollar for Gold, Controls Half Global Production

BRICS shifts from U.S. dollar to gold-backed “Unit” currency, boosting global de-dollarization and economic independence

  • The BRICS alliance, controlling about 50% of global Gold production, is shifting away from the U.S. dollar toward gold reserves.
  • Russia and China lead gold accumulation, producing 340 and 380 tonnes respectively in 2024.
  • Central banks globally purchased over 1,000 tonnes of gold annually from 2022 to 2024, marking the longest buying streak in recent history.
  • The bloc has introduced a BRICS gold-backed currency called the “Unit,” combining 40% physical gold and 60% national currencies.
  • This strategic move supports de-dollarization and aims to establish independent pricing and settlement systems among member countries.

The BRICS alliance, which includes major economies such as China, Russia, Brazil, South Africa, Kazakhstan, Iran, and Uzbekistan, is actively reducing reliance on the U.S. dollar by increasing gold reserves. Collectively, these countries account for approximately 50% of the world’s gold production as of 2024, with China producing around 380 tonnes and Russia about 340 tonnes this year. This shift reflects a strategic response to concerns about dollar reliability and international financial risks.

- Advertisement -

Between 2022 and 2024, central banks worldwide bought over 1,000 tonnes of gold each year, the longest continuous buying streak on record, according to World Gold Council data. The BRICS members’ gold reserves now total more than 6,000 tonnes, with Russia holding 2,336 tonnes, China at 2,298 tonnes, and India at 880 tonnes. Recently, Brazil added 16 tonnes in September 2025, marking its first purchase since 2021, bringing its reserves to 145 tonnes.

The alliance has launched a pilot program for a gold-backed currency called the “Unit.” This currency consists of 40% physical gold and 60% national currencies from BRICS members. One Unit equals one gram of gold, and 100 Units were issued on October 31, 2025. This initiative aims to create an independent pricing platform and settlement system to reduce reliance on the dollar and avoid sanctions risks.

According to economics expert Yevgeny Biryukov, “For BRICS countries, gold is a tool for protection against sanctions risks, a response to the unreliability of traditional partners, and a real asset with a thousand-year history of recognition.” Moreover, Russia and China now conduct nearly all bilateral trade in their local currencies, the yuan and ruble, reflecting increased de-dollarization since Western sanctions on Russia began in 2022.

Gold prices have risen above $4,000 per ounce amid these developments, yet purchases continue steadily. The BRICS alliance is establishing a joint gold pool and shared infrastructure between countries like Russia, China, the UAE, and South Africa to stabilize markets and maintain control over the physical supply. This shift challenges the current dollar-dominated financial system and marks a significant change in global economic power distribution.

- Advertisement -

✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.

Previous Articles:

- Advertisement -

Latest News

Intel Slides 17% After Q1 Guidance Miss; Supply Constraints.

INTC shares fell more than 17% on Friday after a quarterly report and weak...

Gold’s FOMO Drains Bitcoin: Prices Falling, Metals Rise Soon

The author argues that Bitcoin prices are likely to weaken because fewer groups need...

Paradex refunds $650,000 to 200 users after error in markets

Paradex refunded $650,000 to roughly 200 users after a maintenance error caused unintended liquidations.The...

Tesla Drops Autopilot to Boost FSD; TSLA Dips Modestly Today

Tesla said on Friday it will discontinue its basic driver-assistance package, Autopilot, to...

Telegram Crypto Scam Alert: 100K+ Channels Turn on Followers

Trusted trading signal groups with 100K+ subscribers now promote fake platforms that lock funds...
- Advertisement -

Must Read

How to Set Up a Simple Bitcoin Tip Jar for Your Site or Stream

QUICK LINKSWhat a tip jar is, in plain wordsWhat you needBuild a payment link that just worksAdd a QR code that actually scansWhere to...
🔥 #AD Get 20% OFF any new 12 month hosting plan from Hostinger. Click here!