In a summit held in October, 2024, BRICS unveiled its plans for facilitating cross-border trade with member nations' own currencies, and the creation of a BRICS settlement currency called "The Unit". This currency is backed 40% by gold and 60% by member nations' currencies, aimed at avoiding use of the US dollar and reducing Washington's control over the global economy.
The proposed BRICS asset-backed Unit settlement currency is behind the escalation of gold, silver and copper prices in the global precious metals markets. This shift has vital implications, as it threatens to undermine the fiat US dollar, which has long been the cornerstone of international trade.
As an economic coalition, BRICS already makes up 32% of global GDP and controls a significant portion of the world's commodities. Over 40 nations aiming for membership signify a shift in global power dynamics, as they collectively bring valuable resources, which will strengthen the new currency's backing.
While there are several dozen precious metals mining stocks available, the ones paying higher dividends can provide a good income hedge in case the release of the Unit is delayed or the US dollar's status is challenged, making them essential for sustaining wealth through turbulent times.
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