My sources indicate the BRICS currency could be backed by commodities produced and traded by BRICS nations – things like oil, industrial metals and grain – or, more likely, gold.

Backing their new currency with gold would be an obvious move for the BRICS. China and Russia are, respectively, the world’s #1 and #2 gold-mining nations (South Africa and Brazil are #13 and #14, respectively). Both China and Russia already have sizable official gold reserves (6th and 7th largest in the world).

That, in essence, is what the Durban Accords are all about:

• An alternative to U.S. global financial dominance
• A method of avoiding the weaponized U.S. dollar
• A way of avoiding inflation caused by excessive dollar-printing
• A means of simplifying and streamlining the bilateral trade agreements already in place