🌍 BRICS+ and the New Global Order: The Battle for Geoeconomic Sovereignty

The global financial system is undergoing seismic shifts. With the recent expansion of BRICS into BRICS+, the bloc now represents 11 countries that account for 37% of global GDP (PPP) and nearly half of the world’s population. What began as an acronym coined by Goldman Sachs in 2001 has evolved into a geopolitical powerhouse challenging the US-led order.

As highlighted in the 2025 In Gold We Trust report, BRICS+ is no longer just a collection of emerging economies — it is the frontline of a new global architecture.

📈 Expansion and the Global South’s Voice

The accession of Indonesia in January 2025 marked another milestone, following the 2023 decision to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE (with Argentina withdrawing and Saudi Arabia still undecided).

This expansion underscores BRICS+’s ambition to:

• Represent the collective interests of the Global South

• Counterbalance Western-led institutions such as the IMF and World Bank

• Strengthen multipolarity in global governance

Indonesia, as Southeast Asia’s largest economy and a leader in critical minerals and digital trade, adds strategic depth to the bloc. Other potential entrants like Türkiye are waiting in the wings, signaling momentum for further enlargement.

💸 The Push for De-Dollarization

At the heart of BRICS+ strategy is a systematic effort to reduce reliance on the US dollar. For decades, the greenback’s dominance has given Washington immense leverage—through monetary policy spillovers and the ability to weaponize sanctions.

BRICS+ initiatives include:

• Trade in local currencies (yuan, rupee, ruble, real, etc.)

• Commodity-backed settlement systems, using gold, oil, food, and rare earths as anchors

• Blockchain-based cross-border payments, bypassing SWIFT and other Western-controlled networks

• Multilateral currency swaps to provide liquidity without tapping dollar markets

While a single BRICS currency remains speculative, incremental steps are reshaping trade finance. These moves could gradually erode US dollar hegemony, especially if adopted beyond the bloc.

🪙 From Dollars to Gold: A Silent Reserve Shift

An often-overlooked dimension of BRICS+ de-dollarization is the quiet build-up of gold reserves. According to the In Gold We Trust 2025 report, BRICS+ countries now control about 42% of global central bank foreign exchange reserves. While the US dollar still dominates, the bloc has steadily increased the share of gold in its reserves—from just 5% two decades ago to more than 22% in 2024.

Gold is emerging as the preferred hedge against dollar risk for several reasons:

• Sanction resilience: Gold cannot be frozen like dollar reserves (as seen with Russia in 2022).

• Intrinsic value: It protects against inflation and currency volatility.

• Strategic signaling: By stockpiling gold, BRICS+ central banks send a clear message of independence from Western monetary influence.

Although gold still makes up only about 10% of BRICS+ reserves on average—half the global norm—the trend is unmistakable. If these countries were to double their gold holdings, global demand would surge, creating a profound ripple effect in commodity and currency markets.

This gradual reserve diversification underscores that de-dollarization is not just about trade settlements in local currencies, but also about building a parallel store of value system, anchored in gold.

🤝 DragonBear, EagleBear, and Shifting Alliances

Geopolitics is at the core of the BRICS+ experiment. Since 2013, China and Russia have coordinated closely in what analysts call the DragonBear alliance — a fusion of Russia’s commodity wealth and China’s industrial might. This axis has anchored BRICS’ strategic direction.

However, the return of Donald Trump in 2025 has added uncertainty. His threats of 100% tariffs on BRICS+ members accelerating de-dollarization efforts have forced countries like India and Brazil into delicate balancing acts. At the same time, talk of a potential US-Russia “EagleBear” rapprochement complicates the bloc’s cohesion, raising questions about Moscow’s long-term alignment.

⚡ Internal Frictions and Structural Contradictions

For all its growth, BRICS+ faces serious internal challenges:

• China–India tensions remain unresolved despite normalization efforts.

• Divergent economic models: from state-led capitalism in China to liberal democracies like Brazil and South Africa.

• Dependence on Western markets: many BRICS+ states still rely heavily on US and EU trade.

• Uneven power distribution: China alone accounts for 62% of BRICS+ GDP, creating imbalances that smaller members struggle to navigate.

These factors hinder the creation of a unified currency or integrated payment system. Instead, pragmatic, step-by-step financial arrangements dominate the agenda.

🛢️ Commodities, Technology, and Strategic Leverage

BRICS+ nations control vast reserves of oil, gas, rare earths, lithium, and agricultural commodities. This resource base, combined with technological adoption, gives them tools to challenge the West.

• Commodity-backed trade settlements promise stability in volatile markets.

• Blockchain and CBDCs offer secure, transparent alternatives to Western finance.

• Regional payment systems (like India’s UPI) are being tested for intra-BRICS transactions.

Together, these measures form the skeleton of a parallel financial infrastructure, one that could reshape the rules of trade and capital flows.

🔮 The Road Ahead: Evolution or Fragmentation?

The central question posed in the In Gold We Trust report is whether BRICS+ will become a defining force in the 21st century—or a historical footnote.

For success, the bloc must:

• Strengthen intra-BRICS+ trade and investment to reduce Western dependence

• Balance China’s dominance with more equitable leadership

• Institutionalize financial and governance mechanisms beyond symbolism

• Navigate US resistance without collapsing under internal fractures

If these hurdles can be overcome, BRICS+ could anchor a multipolar financial order, one where currency and commodity flows are no longer dictated by a single hegemon.

📌 Conclusion

As the In Gold We Trust 2025 report makes clear, BRICS+ is rewriting the rules of global finance. The bloc’s rise signals the first real challenge to US dollar supremacy in decades. Whether it succeeds in building a sustainable alternative depends not only on internal unity but also on how it manages external pressure from Washington and Western institutions.

One thing is certain: the next decade will decide if BRICS+ becomes the backbone of a new multipolar system—or remains a fragmented experiment in South-South cooperation.

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