BRICS Nations Make Power Move: Snatch Up 20 Tons of Gold in $2.5 Billion Mega-Deal

Gold's back in vogue—and BRICS isn't playing around. The bloc just dropped $2.5 billion on bullion like it was a Black Friday sale.

Why the rush? Dollar jitters, inflation hedges, or just flexing financial muscle? Either way, central bankers are sweating into their silk handkerchiefs.

20 tons doesn't sound like much—until you realize it's enough to gild every Lambo in Monaco twice over. But hey, at least someone's still treating gold like more than a 'barbarous relic.'

Central Banks of 3 BRICS Countries Buy 20 Tons of Gold for $2.5 Billion

The central banks of BRICS members Brazil, Russia, and China have gone all-in on the gold rush. While Brazil purchased 15 tons of the precious metal, Russia procured 3 tons. In addition, China accumulated another 2 tons of the glittery metal into its reserves during the same period. However, in October, India increased its gold purchases and diversified its central bank reserves.

Gold accumulation has been on the rise among BRICS members for the past three years. Several commentators highlight that the alliance could back their upcoming currency with gold. However, none of these are confirmed as the bloc has kept all details under wraps. Even if they back their currency with gold, they cannot compete with the US.

For the uninitiated, the US holds the highest number of gold reserves, touching 8,133 tons of the precious commodity. This is the highest ever, and Germany comes a distant second at 3,350 tons. The top eight BRICS countries combinedly hold close to 6,026 tons of gold and are still behind the US. Even with their best efforts, the bloc remains distantly behind the US. Also, these are individual holdings and are not the sole property of BRICS as a whole. In conclusion, the US reigns supreme when it comes to gold reserves.