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BRICS Planning Its Own Gold Trading System

November 30th, 2017
Categories: Past News

Link: http://www.blacklistednews.com/BRICS_Planning_Its_Own_Gold_Trading_System/61890/0/38/38/Y/M.html

As the US and its E.U. partners continue to levy punitive sanctions on Russia, the BRICS are responding with new financial initiatives to help their members break-out of the US and European financial trading monopoly.Currently, both China and Russia are surging ahead as the world’s top Central Bank buyers of gold. Russia is now the largest official buyer of gold – and the world’s third-biggest producer.

Brazil, Russia, India, China and South Africa (BRICS) are discussing the possibility of establishing a separate gold trading system, according to the First Deputy Chairman of Russia’s Central Bank Sergey Shvetsov.

“The traditional (trade) system based in London and partially in Swiss cities is becoming less relevant as new trade hubs are emerging, first of all in India, China, and South Africa,” he said, adding “we are discussing the possibility of establishing a single (system of) gold trade both within BRICS and at the level of bilateral contacts.”

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