Interesting concept.
The BRICS+ currency will be valued in units of gold by weight.
I don’t know what value they plan to use, but an example would be BRICS1.00 = 1 oz. gold. At today’s market, that would make BRICS1.00 = USD1,950 — but that is not a peg.
The peg is 1.0 oz. So the BRICS currency will have a fixed value in gold.
At the same time, the dollar will have a floating value in gold as it has since 1971. That means the BRICS/USD cross-rate will float based on the value of gold measured in each currency. You will be able to calculate the value of BRICS1.00 measured in dollars, but that is not a peg.
https://marketsandmoney.com/the-biggest-monetary-shock-in-52-years/
A case for hard assets, page-38
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