Gold Is Replacing US Dollar As American Currency Becomes ‘Toxic’ – Russia’s Deputy Foreign Affairs Minister

According to a senior member of the Russian administration, some nations are sharply reducing their dollar reserves while boosting their gold holdings. The US dollar is described as “toxic” in a recent report from the state-funded Russian news agency TASS, despite the dollar’s rise during the previous year as the world’s reserve currency.

According to Pankin, a few nations have hoarded gold in 2022 at the expense of the dollar.

The US dollar is growing big and strong, yet it’s still dangerous for business operations, according to these patterns. Although it’s not a popular trend, I think it could catch on.

The Deputy Minister claims that Russia supports reducing the importance of the US currency in world trade. According to Pankin, increasing volatility would result from the dollar’s hegemony over other currencies around the world.

According to reports, Sergey Lavrov, the foreign minister of Russia, stated earlier this month that the trend of de-dollarization is currently unstoppable and set to quicken. Lavrov emphasized that despite defying American demands, members of the Common Wealth of Independent States, or those that were formerly a part of the Soviet Union, had witnessed a major increase in their trade flows.

“The dollar is starting to lose its appeal. It is not particularly quick right now, but it will definitely pick up speed. In actuality, this pattern cannot be reversed.  According to reports, the BRICS countries, which include Brazil, Russia, India, China, and South Africa, are buying gold quickly as they start to turn away from the US dollar.

U.S. Treasury Secretary Janet Yellen stated last week that Iran, China, and Russia are collaborating to weaken the dominance of the dollar in the global settlement of oil prices.