Doomberg • 5190 implied HN points • 29 Oct 24
- Gold prices have been rising significantly and outperforming the S&P 500 lately, reaching all-time highs in many currencies.
- There's speculation that central banks are accumulating gold as they explore options for a new currency to compete with the US dollar, particularly involving a potential BRICS currency backed by gold.
- At the recent BRICS summit, there were concerns that Brazil's president might not fully support efforts to move away from the US dollar, which could impact the success of this new currency initiative.