Gold prices are higher on Tuesday morning. The price of gold is trading at $2654.45, up $5.92. The price of silver is trading at $31.43, up 23 cents.
The BRICS nations, along with their new allies, are rapidly accumulating gold as part of their strategy to challenge Western economic dominance. This expanded coalition, representing over 40% of the global population, is set to welcome Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE at the upcoming BRICS+ summit in Kazan, Russia next week. The group’s focus on gold is seen as a move to diversify reserves, hedge against inflation, and reduce Western influence in global finance. Meanwhile, Western banks are exposed for their massive short-selling positions in gold, which some view as an attempt to manipulate prices and maintain dollar dominance.
As BRICS nations stockpile gold, Western investors are belatedly recognizing its value as a safe haven amid surging inflation. However, experts warn that this realization may have come too late, with BRICS countries far ahead in the global race for gold. The systematic draining of gold from COMEX and LBMA vaults to Eastern treasuries represents an unprecedented transfer of wealth, potentially shifting the global balance of power. As Western banks struggle with their short positions and gold prices rise, the question remains whether the West can reclaim its economic advantage in time.
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