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02 Feb 2024

Nearly 20 Countries Abandon Trade in U.S. Dollar

Meagan Schneider

Nearly 20 countries abandon trade in U.S. dollar


U.S. debt continues to rise and faith in that debt continues to drop worldwide as countries and institutions distance themselves from the dollar. Nearly 20 countries have announced plans to drop their use of the U.S. dollar for global trade and will return to their local currencies.

BRICS countries, a key group for developing countries and emerging markets, lead the effort to move away from trading in U.S. dollars. BRICS was comprised of Brazil, Russia, India, China, and South Africa, but recently added five members- Egypt, Iran, Saudi Arabia, the United Arab Emirates, and Ethiopia. These countries have all agreed to stop or reduce trade in USD in favor of their native currency.

In addition, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam have all agreed to stop trading in the USD in favor of their native currencies.

This comes as BRICS continues to build economic strength and power and begins to question the U.S.'s economic dominance, and as U.S. debt reaches a record $34 trillion.

As faith in the U.S. dollar continues to decrease it is more important than ever to ensure you're properly diversified.

We believe it is your duty as a good steward of your wealth and family to allocate a portion of your wealth in physical gold; as history suggests, gold is a worthwhile protection in times of rampant indebtedness, such as the times we are experiencing today.
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