Hi Joe, I believe the significance of the BRICS+ nations purchasing record quantities of physical gold is because they say they are developing a 'new reserve currency' and many suspect it may be partially gold-backed.
Most gold trading is done with paper derivatives and I don't think physical purchases actually move the price much.
The BRICS+ nations are already dedollarising by buying and selling oil in currencies other than U.S dollars. The latest is Iraq, which has recently began selling oil in Yuan.
https://www.silkroadbriefing.com/news/2022/10/04/brics-working-to-develop-a-new-reserve-currency/
Chart - TA, page-3197
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