The imminent BRICS Summit is drawing attention as market expert Peter Grandich warns of significant shifts that may occur within the BRICS countries, Brazil, Russia, India, China, and South Africa. He’s signaling to the public that specific alliances, such as a potential partnership between China and Saudi Arabia, could bring about “dramatic” consequences. With the summit scheduled from August 22-24 in Johannesburg, South Africa, Grandich is keen to highlight the organization’s potential economic maneuvers that might parallel the influence of the industrial revolution.
In a recent video interview with Kitco News’ Michelle Makori, Peter Grandich explored the dynamics of the BRICS nations. He expressed his belief that the coming transformations could be underestimated and asserted that many countries are shifting away from working with the U.S. or utilizing its dollar. This view resonates with the warning given by former President Donald Trump about the weakening U.S. dollar.
Along with his insights on BRICS, Grandich discussed China’s ongoing fight against deflationary challenges and the possible worldwide consequences if China’s situation worsens. He speculated that this could hasten China’s long-term plans regarding Taiwan, potentially igniting a geopolitical crisis that the United States may be unprepared to confront.
Additionally, Grandich emphasized Wall Street’s potential vulnerabilities, especially in the context of the U.S. central bank’s recent rate hikes. He questions Wall Street’s reliance on the Federal Reserve’s support and challenges its expectation that the key rate will be maintained or cut in the coming year.
In related financial news, Thursday saw declines across all four U.S. benchmark indices, a decrease in gold’s value against the U.S. dollar, and downturns in the cryptocurrency market, with Bitcoin falling below the $28K range for the first time since June, and gold trading at $1,889 per unit.