2023 Market feel
Over time, I've come to realize that the realm of technical financial analysis is increasingly dominated by computers, due to their superior speed and precision. As such, I have shifted my focus towards news analysis, where human intuition and understanding still hold sway. However, I have a deep skepticism towards mainstream news, which I find to be more characterized by bias and misinformation than objective truth. Instead, I seek out alternative, independent sources of news, where I believe the real, unvarnished facts can be found and analyzed for insightful financial decisions.
As we anticipate the BRICS+ meeting in August 2023, the expanded list of nations, now including Egypt, United Arab Emirates, Uruguay, Iran, Saudi Arabia, Algeria, Venezuela, Argentina, Indonesia, Thailand, Nigeria, Ethiopia, and Bangladesh, along with the current members Brazil, Russia, India, China, and South Africa, holds significant global economic influence. In 2020, these countries represented 25% of the world's gross domestic product (GDP), but by now, the contribution of the BRICS nations to the world GDP has reached 31.5%, surpassing the G7's 30.7% in terms of purchasing power parity. This proportion is projected to cross the 45% mark in the near future. That said, I don't foresee a sudden run from the dollar this fall; rather, a gradual weakening over the next five years seems more likely. As this unfolds, a gold-backed currency increasingly gains appeal, poised to appreciate in value, thereby potentially becoming the new standard for the international currency of these influential nations.