Noted market analyst, Peter Grandich, is advocating for the general public to keep a vigilant eye on BRICS member nations, suggesting that particular alliances might spur “dramatic” consequences. The much-anticipated BRICS Summit is slated to take place in under a week’s time and Grandich is of the opinion that the strategic economic maneuvers made by the BRICS countries could potentially “rival the industrial revolution.”
1. Grandich Forecasts Transformative BRICS Collaborations, Predicaments for the U.S. Dollar’s Dominance
The leaders of the BRICS nations, which comprises Brazil, Russia, India, China, and South Africa, are preparing for their forthcoming summit scheduled from August 22-24 in Johannesburg, South Africa. In a recent video interview with Kitco News’ lead anchor and editor-in-chief, Michelle Makori, renowned market analyst Peter Grandich delved into the complexities of the BRICS dynamics. He accentuated that a prospective alliance between China and the oil-rich nation of Saudi Arabia might establish the conditions for considerable shifts.
Market expert Peter Grandich (pictured right) conversing with Kitco’s lead anchor Michelle Makori (pictured left) concerning the BRICS nations in a recent video interview.
According to Grandich, many could potentially underestimate the scale of the impending transformations. He strongly argued, “What is transpiring among the BRICS nations could come to parallel the industrial revolution because I don’t think people discern how many countries are veering away from cooperating with the United States or using its dollar”. His viewpoint is reminiscent of former president Donald Trump’s warning in a recent interview about the weakening power of the U.S. dollar.
2. Grandich Shares Insights on China’s Deflationary Struggle and Potential Global Impact
Discussions concerning China’s deflationary struggles have been intensifying. Numerous analyses enlighten the masses about China’s arduous struggle against deflationary pressures, and Grandich underscores the plausible global repercussions if the Chinese economy takes a nosedive. He suggested, “When people start to endure hardships, governments prefer to divert their attention. And governments often achieve that by immersing themselves in warfare,” he commented further:
“This could accelerate their long-term strategies concerning Taiwan. And that might spark another geopolitical storm, which I don’t think the United States is equipped to manage at present.”
3. Grandich’s Observations on Wall Street’s Readiness and U.S. Federal Reserve’s Role
One of the critical points Grandich emphasized is the potential lack of preparedness of Wall Street for the impending economic shifts. After the U.S. central bank’s decision to boost rates to a twenty-year high during their July assembly, the bank might likely desire a trimester of dwindling economic indices before contemplating rate reductions, suggested Grandich.
Grandich expresses doubt about Wall Street’s heavy reliance on the Fed’s consistent backing of the equity market. He put forth his skepticism, claiming that Wall Street might have miscalculated in its anticipation that the Federal Reserve will continue its backing and could possibly even slash the benchmark rate in the upcoming year.
4. Other Financial Market Trends: U.S. Benchmark Indices, Gold and Cryptocurrency Suffer Setbacks
In a recent incident on Thursday, all four U.S. benchmark indices experienced downturns. Gold devalued against the U.S. dollar and the realm of cryptocurrency was also not immune to the downturn. Bitcoin (BTC) descended below the $28K range for the first time since June with gold trading below $1,900 at $1,889 per unit.