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No, BRICS Are Not Hoarding Gold and Gold is Not Replacing the Dollar

No, BRICS Are Not Hoarding Gold and Gold is Not Replacing the Dollar
Countries
BrazilChinaEgyptEthiopiaIndiaIndonesiaIranRussiaSouth AfricaUnited Arab Emirates
Cooperation areas
Economic GrowthInstitutional Development

Source: The Gateway Pundit | Original Published At: 2026-06-13 16:20:03 UTC

Key Points

  • Claims that BRICS is hoarding gold to replace the U.S. dollar with a gold-backed currency are not supported by evidence
  • All the gold ever mined is worth approximately $29 trillion, insufficient to back global money supply of $96+ trillion
  • Only Russia, China, and India are meaningful gold buyers among BRICS members; Brazil made no purchases between 2021-2025
  • Most BRICS members still maintain the U.S. dollar as their principal reserve currency despite gold purchases
  • Gold accounts for only about 6.8% of China's total reserves, with China still holding over $600 billion in U.S. Treasuries
  • BRICS members are unwilling to surrender their sovereign currencies for a common currency
  • The U.S. dollar accounts for more than half of global trade settlement, including most trade between BRICS partners
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