Russia proposes that BRICS member countries establish their own precious metal exchanges, which may overturn the long-term international pricing mechanism for gold, silver, platinum, and other precious metals.

On Wednesday, the leaders of BRICS countries issued a statement supporting the increase of precious metal exchange among member countries on the basis of common product quality standards.

On Thursday, the Ministry of Finance of the Russian Federation issued its official statement.

According to Russian news agency Oreanda, the Ministry of Finance stated in a press release that "establishing a metal trading mechanism within the BRICS countries will create fair and reasonable competition based on exchange principles

Russian Finance Minister Anton Siluanov said, "The mechanism will include the establishment of metal price indicator tools, gold bar production and trade standards, market participant certification, internal clearing and auditing within BRICS countries, and participating countries will have reliable and stable foreign exchange trading methods within the alliance

The Ministry of Finance added that they expect the BRICS precious metal exchange to become a key regulatory body for precious metal prices.

Gold supported currencies of BRICS countries

Andy Schectman, President of Miles Franklin Precious Metals, stated in a recent interview that this week's BRICS summit may accelerate a global financial reset, and gold prices may be revalued to $150000 per ounce.

According to a white paper, the "unit" will be pegged to 40% of the value of gold and 60% to a basket of BRICS currencies. It is designed as a 'non political currency' to address the concerns of countries concerned about the weaponization of the US dollar.

Schectman said, "If you're willing, we can call it acceleration, the acceleration of this de dollarization movement, and enter a new system. This may indeed be supported by gold

He added, "They are talking about a new system, and the most likely result is that unless we take the lead, something will happen, and people will no longer have the motivation to hold dollars or US treasury bond bonds."

In the past few years, central banks of BRICS countries and other countries around the world have been accumulating gold at near record levels. In addition, central banks around the world have been transporting gold back to China for storage.

Schectman said, "A simple Google search will show that Germany, Austria, Slovakia, Argentina, the Netherlands, Saudi Arabia (just a few weeks ago), Hungary, Hungary, Belgium, Egypt, Senegal, Romania, Nigeria and other central banks have taken back gold from the Bank of England and the Federal Reserve Bank of New York. There are also Poland, Ghana, India, Türkiye, France, Serbia, Venezuela, Algeria, Cameroon, South Africa, Czechoslovakia and other countries, and the list is still growing. The traditional view will tell you that this is because of the weaponization of the U.S. treasury bond market, which may be one of the reasons. But if you study the newly proposed settlement currency 'unit' in depth, it discusses how countries use the gold held in their territory to forge this New settlement token."

Schectman outlined four possible scenarios for a potential global financial reset, one of which involves reassessing the pricing level of gold. Assuming that the United States holds over 8000 tons of gold, which has not been audited for a long time, we only need to re evaluate the value of gold to match our current higher asset levels and balance our liabilities

Schectman said, "In this situation, the game is different. You set the price of gold at $150000 per ounce. Although it sounds crazy, your balance sheet will perform perfectly

He added, "If you try to reset this system, you will destroy what made this country great and has motivated people to invest in this country for years. Over leveraged and undercapitalized banks, insurance companies, real estate markets, bond markets, and stock markets will all collapse at the same time. You issue a central bank digital currency (CBDC) anchored in gold, and then you're done. Gold will reach a level no one thought possible, it will be linked to a new system, and then you'll succeed.