Russia Presents Proposal To Create New Precious Metals Exchange
By GCRU Gold News on Thursday, August 25 2022, 00:11 - Permalink
This committee would fix precious metals prices to national currencies from member countries or to a new monetary unit for international trade, such as the newly proposed BRICS currency . Russian President Vladimir Putin believes that a new currency based on commodities will positively benefit member nations.
Also, the Russian Finance Ministry wants to create a system that will attract other countries like India , China , Peru, Venezuela, and other countries in both South America and Africa . These countries are some of the world's leading producers and consumers of precious metals.
Additionally, Russia and its partners account for 57% of the worlds controlling stake in gold. Because of this, Russia believes it can break up the 'monopoly' of LBMA. With the inclusion of Venezuela and Peru, the stake would increase to 62%.
Russia Presents Proposal To Create New Precious Metals Exchange