Ifeanyi Jesse 
BRICS: Central Banks Prepare for US Dollar Collapse
Financial expert Peter Schiff believes the Central Bank is prepared for the US currency to collapse despite the BRICS’ de-dollarization efforts
Over the last year, the gold market has experienced tremendous interest worldwide as nations seek to hoard the metal. For many, this is viewed as a hedge against the dominant currency in international commerce and an attempt to diversify assets.
Despite the BRICS de-dollarization, financial analyst Peter Schiff claims that the Central Bank is preparing for a collapse of the US dollar. Peter Schiff stated why foreign central banks’ gold-buying techniques are rising.
In a post to X (formerly Twitter), Schiff said, “Foreign central banks aren’t just buying gold to hedge against political risk. They’re trying to get out in front of a major decline in the dollar’s value and a potential sovereign debt crisis. It’s U.S. investors who don’t understand these risk, which is why they’re not buying.”
Peter Schiff Talks About Central Bank’s Gold Acquisition
The BRICS economic alliance has been outspoken about its de-dollarization efforts throughout the past year. Leaders from the group have discussed the need for more variety within internationally prominent currencies. However, they have chosen to combine programs promoting local currencies and establish their own.
The US debt has topped $34 trillion and remains an underappreciated concern in the US economy. As a result, exposing different assets to valuation is the only viable option for countries at risk of becoming overly dependent on the dollar.