by Chris Marcus, Arcadia Economics’ Gold & Silver Daily:
The big news in the gold market in the past few days is that on Friday, the TASS Russian news agency confirmed that the proposed gold-backed ‘Unit’ will indeed be a key topic of discussion at the upcoming BRICS summit in Kazan, Russia this October.
According to Andrey Mikhailishin, head of the BRICS Business Council’s task force on financial services, the summit will feature presentations on a range of financial solutions, including the much-anticipated ‘Unit’ – a common unit of account for international settlements.
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“Andrey Mikhailishin also confirmed that a list of projects has been determined, which include a common unit of account (Unit), a platform for international settlements in BRICS digital currencies (Bridge), a payment system (Pay), a settlement depository (Clear), an insurance system (Insurance), and a BRICS rating alliance.”
The ‘Unit’ project, as we’ve mentioned earlier this year, is a proposal that includes a 40% gold-backing, with the remaining 60% of the basket to be made up of national currencies from BRICS countries.
With the goal being to create a more stable and liquid instrument for international trade, that reduces dependence on the U.S. dollar.
(Chris Marcus of Arcadia Economics talks about the TASS ‘Unit’ update)
The TASS report adds credibility to earlier discussions about the ‘Unit’, which were first revealed publicly by journalist Pepe Escobar in May. And then further expanded upon following the St. Petersburg meeting in June.
This latest TASS confirmation also comes at a time when Russia just announced plans to increase its gold and foreign currency allocation over the coming month, and when their gold holdings have already just reached a record high of $188.50 billion.
The BRICS summit is now just over a month away on October 22-24, and the TASS report is the latest data point confirming that the Unit is no longer just speculation, but is now in the least a concrete agenda item.
Which of course is different than saying that it’s a done deal. Yet as the previous reports continue to be confirmed, it’s also possible that the deal will move forward. And also that there could be official commentary at this year’s meeting.
In the coming days and weeks we’ll look at some of the implications that might present. Although as always, if you have questions about what’s happening, or why it’s happening, just respond to this email and we’re standing by and happy to help.
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