BRICS—Brazil, Russia, India, China, and South Africa—doubled in size this year. New members Saudi Arabia, Iran, Egypt, Ethiopia, and the United Arab Emirates bring the group’s total membership to ten.

BRICS, also now known as BRICS+, accounts for about 35% of the world’s GDP, which is actually larger than the G7’s share (~30%).

While the G7 consists of developed economies including the U.S., the BRICS can be considered the representative for the largest developing countries, who both grow faster and consume more commodities than the G7.

They would also produce more than 40% of the world’s oil and consume more than 35% of it. Anyway you slice it, the group, which consists of our nation’s biggest rivals, is not to be taken lightly.

Potential Challenger to the Dollar

One of BRICS’ top goals is to develop a currency that’s independent of the dollar. The currency is expected to leverage blockchain technology and be at least partially backed by gold. To be clear, even if BRICS does agree on a common currency, it probably would take some time for significant de-dollarization to occur.

Although other countries have been moving away from the dollar, evident from lower Treasury holdings, the dollar is still very much entrenched in the global economy. For example, roughly 60% of the world’s currency reserves are held in the dollar, and more than 80% of global trade is conducted in U.S. dollars. Oil, too, is mostly priced in dollars.

However, note that Saudi Arabia and Russia are the second- and third-largest oil producers in the world. They will surely test out pricing oil in the BRICS currency and try hard to push for wide adoption.

Assuming that gold will play a role in the new BRICS currency—the probability is high—that’s yet another reason to invest in gold. The Midas Metal has made new record highs this year and as of this writing $3,000 is only about another 18% rally away.

For millennia, gold has been used as a currency. Its beauty and indestructible nature also make give it an important role in various religions around the world. Backing the currency by gold instills monetary discipline because the powers that be won’t be able to print paper money at will.

Having a major currency be backed (partially) by gold increases the demand for gold. Unlike paper currency, governments can’t just create more out of thin air.

While all, or nearly all, of the gold mined since the beginning of time remains above ground in one form or another, any new supply needs to be mined from the ground. Economics 101 says when demand is rising and supply can’t keep up, the price goes up.

Ways to Buy Gold

Buying and storing physical gold allows you to have the asset in hand, but it comes with inconveniences. When buying and selling from a dealer, you will have to pay a premium when you buy and accept a discount when you sell. You probably would also want to buy insurance for the gold to guard against loss or theft.

On the other hand, if you simply trade securities such as shares of a gold ETF, then you can track the price of gold almost exactly, net of fees charged by the fund. The downside to that is that you don’t actually own the physical gold.

Some funds offer you the ability to redeem your shares, redemption is subject to a minimum (you can convert shares for cash if you don’t own enough shares to redeem gold). Still, the liquidity and low cost of owning gold ETFs make them a popular choice for gold investors.

Furthermore, like in the case of stocks, you can sell options against the large gold ETFs like SPDR Gold Shares (GLD). You can either hold shares of GLD and sell covered calls or puts. In the first scenario, you collect premiums against your GLD holding, which normally doesn’t pay a dividend.

In the second scenario, you collect premiums for providing the option buying the guarantee to be able to sell GLD at a certain strike price if the gold fell.

To avoid buyer’s regret, it makes sense to pick a strike price at which you would have bought GLD anyway. Instead of buying GLD outright, selling the put allows you to collect some extra cash while you wait for the ETF to pull back.

Read This Story: How to Beat Wall Street…Under All Investing Conditions

Editor’s Note: Interested in trading options? The smartest options trader I know is my colleague, Jim Fink. The good news is, Jim is eager to help you.

In a new presentation, Jim Fink can show you how to receive regular payments of $2,950 or more. He calls it his “I.V.L. System” and it generates winners at a mind-boggling clip. His system, offered under the aegis of Options for Income, works for beginners and for seasoned trading experts alike.

Even if you’re still unsure how options trading works…this system is for you. Or if you’re a pro who trades 10 contracts a day…this is for you, too. Jim’s I.V.L. system works in up or down markets, when inflation is elevated or low, and regardless of Federal Reserve monetary policy.

Jim likes to keep it simple. Every week, he’ll send you easy-to-follow instructions that’ll put you on Wall Street’s payment list. You’ll get the money right away, up-front, in your trading account.

Jim Fink made himself rich trading options. Now he gets his kicks helping other people get rich. Want to earn life-changing income? Click here.