It’s been just revealed that there is a group of economically aligned nations that are purchasing massive amounts of gold as they are preparing to end their reliance on the US dollar. A new report from the U.S. Global Investors, the nations known collectively as BRICS are piling into the precious metal and will continue to be “huge buyers” of gold for the foreseeable future.
The firm’s CEO and chief investment officer, Frank Holmes, said that the mass accumulation of gold led by China aligns with the theory that the world is on a long-term path to economic bifurcation.
“If you look back at the list of net buyers [of gold], you’ll notice that three are members of the BRICS (Brazil, Russia, India, China and South Africa) countries. I point this out because, as I’ve been sharing with you for a couple of weeks now, we may be seeing the emergence of a multipolar world, with a U.S.-centric world on one side and a China-centric world on the other.”
Holms continued and stated the following:
“For the first time ever, BRICS countries’ share of the global economy has surpassed that of the G7 nations (Canada, France, Germany, Italy, Japan, the U.K. and U.S.), on a purchasing parity basis.”
Important trader is warning about Bitcoin
It’s been reported that an important crypto analyst is warning traders to be on the lookout for tough months ahead as the markets retrace.
Crypto trader Justin Bennett said recently that the total crypto market cap (TOTAL) is on its way down.
TOTAL is a market cap measure of the entire digital asset space, Bitcoin (BTC) and altcoins included.
Bennett also addressed some warning signs for the crypto markets in the traditional financial markets. He made sure to highlight the fact that the S&P 500’s (SPX) recent drop spells trouble for crypto.
“It isn’t looking good for stocks and crypto, barring a significant recovery from SPX today.”
