Mon Sep 09 14:53:52 UTC 2024: ## China’s Gold Hoard Fuels De-Dollarization Speculation

**London, UK -** The global financial landscape is on the verge of a seismic shift, according to prominent metals trader Andrew Maguire, who believes China is accumulating vast gold reserves as part of a concerted effort to dethrone the US dollar as the world’s reserve currency.

Maguire, speaking on this week’s episode of Kinesis Money’s “Live from the Vault” program, claims China may have as much as 40,000 tonnes of gold stashed away in its shadow banking system, ready to be deployed for the gold-backed international trade currency being developed by the BRICS nations and Russia.

The Bank for International Settlements’ recent classification of gold as a Tier 1 asset has triggered a surge in gold prices, Maguire argues, signaling the beginning of the de-dollarization movement. This move, he says, has put the US Federal Reserve in a precarious position, as its attempts to suppress the price of gold are being thwarted by foreign central banks converting paper assets to physical gold.

While the US claims to hold 8,000 tonnes of gold, China’s alleged 40,000 tonnes, coupled with the historical gold purchases by central banks worldwide, have fueled speculation of an impending reevaluation of gold. All eyes are now on the upcoming BRICS summit in October, which could mark a pivotal moment in the global financial order.

“Don’t get caught with your pants down,” Maguire cautions, urging investors to stay informed about the developments surrounding the BRICS and the potential ramifications for the US dollar.

The emergence of a gold-backed currency would have profound implications for the US economy, possibly triggering a currency reset and leading to significant inflation. It also raises questions about the future of the US dollar and its role in the global financial system.

The debate over China’s gold reserves and the potential de-dollarization movement is likely to intensify in the coming months, with the BRICS summit serving as a crucial focal point for this evolving narrative.

Read More