Russia & China could set international gold price based on physical gold trading
Gold pricing benchmarks from such a system would be based on physical gold transactions, which is a departure from the way the international gold price is currently established, according to the article.
Such a system would also be a threat to gold trading markets in London and New York. OTC and COMEX trade derivatives on gold, and are backed very little physical gold. Major BRICS gold producers, mainly Russia and China, could change the way the international gold prices are set currently.