BRICS countries discuss possibility of trading in gold

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November 25, 2017 – Fort Russ News – Paul Antonopoulos

MOSCOW, Russia – BRICS countries (Brazil, Russia, India, China, South Africa) are considering to establish a single gold trade system, First Deputy Chairman of Russia’s Central Bank Sergey Shvetsov said Friday.

“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,” Shvetsov said. 

“We are discussing the possibility to establish a single (system of) gold trade both within BRICS and at the level of bilateral contacts,” he continued.

“We assume that trade and clearing links should be established. The point is that gold buyers should decide on the place of purchase,” the official said.

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