The BRICS Currency: We'll Know Soon

Speculation is all over the map as the August 22 meeting approaches

When a Russian spokesman announced that the BRICS (Brazil, Russia, India, China, and South Africa) countries were going to introduce a gold-backed currency at their August 22 - 24 Johannesburg meeting, that prospect — coupled with a complete absence of details — set off a frenzy of speculation about what exactly was coming.

Will it be a new gold standard…