On the possibility of BRICS remonetizing gold, in the week before the start of the BRICS gathering I read (somewhere) that the proposal to members would be a BRICS “Unit” backed 40% gold and 60% a basket of member currencies. It was also intended that in trade between BRICS countries conducted in bilateral national currencies (or, I think, Units), when a country finds itself holding more of a foreign currency than it finds prudent it will be able to exchange it for gold.
I can’t imagine those details were not floated amongst the BRICS members before the gathering to largely positive reviews, but I haven’t followed up to know if the proposal passed through the meeting intact.
Overall, I imagine a floor is being built under gold’s price. Still under construction, it will likely firm up as The Unit is refined and non-USD trade between member nations continues to build. It was, if I recall, Putin who indicated earlier this year that the commodity producing nations ought to be setting commodity prices, not the financializing entities of the West, and that they will do so in future.
The implications are clear: the producers will get more for their goods, the consumers will get less and at higher prices. Standards of living to go up globally, down in the Trans-Atlantic nations. This is why the West is determined to foment conflict, and is newly threatening any nation that wants to stray from USD hegemony. Any means to prevent loss of Western privilege. It is also why the Western elite are moving more purposefully to clamp down on freedom within their own borders.