BRICS consider setting up gold trading system

China claims discovery of its largest gold mine with $22 billion potential
the world’s second-largest economy said it discovered another vast deposit of gold beneath the seabed of the East China Sea. At the time, the Chinese media claimed the deposit situated at a depth of 2,000 meters held 470.47 tons of gold, which is even bigger than this week’s discovery.

Gold was trading a half percent down on Wednesday at $1,254.70 per troy ounce.
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“The traditional (trade) system based in London and partially in Swiss cities is becoming less relevant as new trade hubs are emerging, first of all in India, China, and South Africa,” he said, adding “we are discussing the possibility of establishing a single (system of) gold trade both within BRICS and at the level of bilateral contacts.”

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