Author : Aashiya Jain | EQMint | Finance

 

The idea that the BRICS bloc now “controls 50% of the world’s gold supply” is being repeated a lot lately but it needs careful unpacking, because “gold supply” can mean different things: mine production (new gold dug out each year), underground reserves (gold still in the ground), or official holdings (gold held by central banks). What is clear from official, trackable data is that BRICS countries sit on a huge share of global gold production and reserves, and they’re pairing that strength with a broader push to increase influence over commodities and reduce reliance on the U.S. dollar in trade and finance.

 

The hard numbers: production and reserves are heavily concentrated

According to the U.S. Geological Survey (USGS), worldwide gold mine production in 2024 was ~3,300 tonnes. China (380t) and Russia (310t) alone produced 690 tonnes about one-fifth of the world’s new mined gold that year. Add South Africa (100t), Brazil (70t), and Indonesia (100t) all within BRICS’ expanded grouping and you get a bloc that is not just consuming gold, but producing and anchoring it.

 

Where BRICS’ weight becomes even more striking is underground reserves. USGS estimates global gold reserves at about 64,000 tonnes, with Russia listed at 12,000 tonnes, South Africa 5,000, China 3,100, Indonesia 3,600, and Brazil 2,400 numbers that underline why the “BRICS and gold” story isn’t hype, even if the “50%” headline is sometimes loosely defined.

 

So does BRICS literally control 50% of global gold supply?

 

• • If someone means global mine production, official numbers show BRICS members account for a large share, but the exact percentage depends on which BRICS list you use (original five vs expanded members vs “partners” often mentioned alongside BRICS). BRICS’ official website confirms expanded membership and also lists major “partner” countries like Kazakhstan and Uzbekistan, both significant gold producers, which is why some analyses reach much higher combined figures.

• • If someone means reserves in the ground, BRICS linked countries clearly hold a major portion of global reserves, based on USGS estimates.

Gold isn’t just metal—people treat it like reassurance

In policy circles, gold is often described in cold terms “hedge,” “reserve asset,” “risk-off trade.” But in real life, gold behaves more like a global comfort object. When trust in geopolitics drops, when sanctions expand, when currencies swing, countries don’t just look for returns they look for something that feels solid.

That’s part of what has made the BRICS story so compelling: it’s not only that members produce gold; it’s that many are also positioning gold (and other commodities) as strategic insulation a way to reduce vulnerability in a world where payments, shipping insurance, and dollar liquidity can suddenly become political pressure points.

 

From gold to commodities: widening leverage beyond mining

BRICS influence isn’t limited to gold. The bloc’s expansion has brought in or linked it more closely to major commodity corridors energy, shipping lanes, industrial inputs and that matters because commodities price the world. If you have influence over commodity flows, you also gain influence over:

 

• • how trade is settled,

• • which currencies are used,

• • which financial institutions provide credit.

This is where BRICS’ institutional push becomes important. Official BRICS documents increasingly stress greater use of local currencies in trade and financial transactions. In a 2024 joint statement hosted on India’s Ministry of External Affairs site, BRICS ministers explicitly underscored the importance of expanding local currency use and referenced mandates given to finance ministers and central bank governors to work on currency/payment platforms.

 

Currency influence: not a “dollar collapse,” but a gradual rebalancing

To be clear: the U.S. dollar remains the dominant reserve currency. IMF COFER data still shows the dollar at about 56–57% of allocated reserves in recent quarters, and major analysts generally describe any shift as gradual.

But BRICS’ approach is not necessarily about replacing the dollar overnight. It’s more like building parallel options:

 

• • settle some trade in local currencies,

• • borrow more in local currencies,

• • hold more reserves in gold and other non-dollar assets,

• • develop institutions that reduce dependency on Western financial plumbing.

The New Development Bank (NDB) : associated with BRICS has repeatedly highlighted local-currency operations as a strategic priority, framing it as part of building a more balanced international financial system.

 

BRICS’ gold strength is real in official production and reserve data.
Its currency influence is real in official policy statements and institutional strategy.
And the bigger story is human: in an anxious world, more nations are choosing to keep a larger part of their security in assets and systems that feel harder to freeze, harder to sanction, and harder to shake.

 

For more such information : EQMint

Resource Link : POST