"I do believe that the BRICS will issue a common settlement currency, and it will be backed by something," Schectman told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News. "It's coming," he added. 

"Whether or not it is a gold-back currency that is introduced in a few weeks or in a few months, or next year, to me, the alliance that is being built represents the majority of the human population."

In the lead-up to the BRICS summit taking place in Johannesburg on August 22-24, there have been conflicting reports about whether a gold-backed currency was going to be discussed, kitco.com reported.

Anil Sooklal, South Africa's ambassador at Large to Asia and BRICS, told reporters last month that a BRICS currency was not on the agenda for the upcoming summit.

"There's never been talk of a BRICS currency, it's not on the agenda," Sooklal said.

"What we have said and we continue to deepen is trading in local currencies and settlement in local currencies."