The Russian Ministry of Finance released a statement Thursday saying the country is exploring the creation of an international precious metals exchange to maintain fair pricing and growth.
“The creation of a mechanism for trading metals within the BRICS countries will lead to the formation of fair and equitable competition based on exchange principles,” a press release states. “The mechanism will include the creation of instruments for price indicators for metals, standards for the production and trade of bullion, accreditation of market participants, clearing and auditing within the BRICS countries,” Russian Finance Minister Anton Siluanov said.
According to KITCO News, a day before Russia announced its plans, leaders from BRICS countries announced support for increasing the exchange of precious metals between members based on common product quality standards.
Reuters reported Russia is the second-largest global gold producer and the world’s largest palladium producer, accounting for a 40% share of global output.
A BRICS exchange would compete with Western trading platforms, including the London Metal Exchange and COMEX.
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