The Inversion Investor

The Inversion Investor

Is gold meaningfully reducing BRICS FX dependence? Nope.

Peter Pham's avatar
Peter Pham
Jan 31, 2026
∙ Paid

If gold can surge and still remain a small share of China’s reserves, that’s not “de-dollarization” — it’s proof that USD liquidity is still the operating system of trade.

Hence, the largest beneficiary of higher gold prices is: The country with the most gold. the least need for FX, the currency everyone else must use. That country is still the United St…

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