The BRICS countries are actively pursuing the establishment of a distinct currency, separate from the US dollar, potentially backed by gold. Central banks in the East are increasing their gold reserves, suggesting a move toward a gold-backed currency. Discussions about de-dollarization and the potential inclusion of new members like Saudi Arabia and the UAE in the bloc indicate a gradual shift away from the dollar as the global reserve currency. Due to their inverse relationship, this transition might weaken the dollar and drive investments into gold.
Rick Rule, the founder of Rule Investment Media, speculates that the proposed BRICS currency might not function as a typical currency but could evolve into more of a settlement mechanism. He believes this currency might remain closely tied to the value of the US Dollar, at least during his lifetime.
Despite an optimistic view on stocks due to potential Federal Reserve interest rate cuts, Wall Street analysts express concerns about looming risks as 2024 approaches. According to a recent Business Insider report, these analysts foresee a surge in stock values in the coming year, driven by the prospect of Fed rate cuts. However, exemplary signals suggest possible obstacles hindering a robust upswing in 2024. These obstacles include the possibility of a recession, a growing debt bubble, a significant correction in the S&P 500, and unforeseen "black swan" events.
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Credit: ITM TRADING, INC.
Select Your Banks Carefully: Why This May Be Your Most Important Decision in 2024 Warns Rick Rule
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