The analysis of BRICS gold currency by Jim O Nell indicates that there is a split market with gold trading at around $4,000 per ounce. The economist responsible to coin the BRICS perceives the bubble risks in retail FOMO and recognizes strategic diversification of central banks. CIBC predicts the gold price in 2026-2027 to be $4,500 whereas BRICS gold reserves growth and the Russian gold reserves of over 2,326 tonnes are indicators of the long-term monetary changes that will not be easy to dominate using the dollar.
Also Read: BRICS Gold Currency Shift Highlights Strategic Moves in Global Trade
Gold Price Forecast Shows BRICS Gold Reserves and Russia Gold Moves
CIBC Projects $4,500 as BRICS Gold Currency Debate Intensifies
CIBC Capital Markets analyst Anita Soni has set a gold price forecast of $4,500 per ounce for both 2026 and 2027. Gold futures crossed $4,000 earlier this month for the first time, climbing about 50% year-to-date.
Soni stated:
“We continue to expect a positive macroeconomic setup for gold. We anticipate tariff policy uncertainty will continue, and we believe the U.S. economy has not yet reflected the negative impact of the tariffs implemented to date, and those to come, on consumer purchasing power.”
Goldman Sachs raised its December 2026 gold price forecast to $4,900 per ounce. Analysts stated:
“We see the risks to our upgraded gold price forecast as still skewed to the upside on net, because private sector diversification into the relatively small gold market may boost ETF holdings above our rates-implied estimate.”
Jim O’Neill Flags Bubble Risks in BRICS Gold Currency Rally
The BRICS gold currency debate has been shaped by Jim O’Neill’s mixed assessment. The former Goldman Sachs Asset Management chairman sees potential bubble characteristics right now.
O’Neill stated:
“Once FOMO (‘fear of missing out’) sets in, even marginal or irrelevant developments can add to the excitement. The question, then, is whether these justifications can withstand scrutiny.”
Russia Gold Reserves and BRICS Gold Reserves Drive Diversification
Russia gold reserves reached approximately 2,326.5 tonnes as of October 2025, valued at over $302 billion. Gold constitutes around 35.4% of Russia’s international reserves. BRICS gold reserves accumulation by China, Russia, and other members supports establishing an alternative to the dollar-based system.
O’Neill acknowledged the BRICS gold currency strategic rationale, noting the decision by major holders to increase gold allocation aligns with their goal of establishing an international monetary system offering an alternative to the current dollar-based structure.
Also Read: Will BRICS De-Dollarization Really Succeed?
On future direction, O’Neill stated:
“In today’s context, if markets believe that central banks will ease notably more—or at least will not tighten further—despite underlying inflation not improving, a stronger gold price is consistent with the historical pattern.”