BRICS To Establish Their Own Precious Metals Exchange at 2025 Summit?
We are only a few days away from BRICS deciding to establish a precious metals exchange during the 2025 summit. Reports are doing the rounds that the alliance intends to launch its own index that tracks precious metals exchange. The move is intended to move away from the Western-backed indexes and trade in the new indices formed by the bloc. BRICS member Russia was the first to float the idea of establishing a new precious metal exchange in October. Russian Finance Minister, Anton Siluanov was in talks with other members about the idea to ensure fair pricing and trade growth. If approved, the precious metals exchange would be an alternative index not backed by the West but solely operated by BRICS. The development would significantly impact gold and silver prices and put a wedge in the broader commodity markets. A newly-launched BRICS precious metals exchange, if approved, might reshape price discovery in gold, silver, and other commodities. Chart patterns and trading strategies could ...