‘The shift from dollar reserves to gold is not a prediction but a trend’ and BRICS+ demand could drive the whole gold market – EBC

By Ernest Hoffman – KITCO

BRICS+ nations now hold 17.4% of global gold reserves, up from 11.2% in 2019, while the dollar’s share of global reserves fell to its lowest level since 1994 – and one BRICS member could well buy as much as all other countries combined, according to Michael Harris, technical analyst at EBC Financial Group.

In a new analysis published Tuesday, Harris wrote that central banks bought more gold in the past three years than at any point in modern history – and the concentration of bullion among BRICS+ members’ reserves is skyrocketing.