The Russian Central Bank just returned to the ‘Gold Standard’ by pegging the Ruble to Gold.
“Russia’s central bank resumed its gold purchases from local banks on Monday, but it set a fixed price on the precious metal.
Starting this week, the Russian central bank will pay a fixed price of 5,000 roubles ($52) per gram between March 28 and June 30, the bank said on Friday. This is below the current market value of around $68.”
More updates from inside Russia as events unfold.
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Sources cited:
Reuters: https://www.reuters.com/business/finance/russian-cenbank-restart-buying-gold-banks-will-pay-fixed-price-march-28-2022-03-25/
Russian Central Bank: https://cbr.ru/press/pr/?file=25032022_192430DKP25032022_182539.htm
Kitco: https://www.kitco.com/news/2022-03-28/Russia-sets-fixed-gold-price-as-it-restarts-official-bullion-purchases.html
NeonRevolt: https://gab.com/NeonRevolt/posts/108026435751497428
Forex charts: https://finance.yahoo.com/
#Russia #Dollar #Gold
24 Comments
Russia hasn’t backed Gold!! They’ve fixed the price to the Rouble.
The fix they made was initially cheaper than the USD paper spot price. In Roubles Gold has now risen by 8%.
Very powerful behavior to back the rubble by gold. Instantly this makes the rubble have more integrity than the US Dollar. This means trouble for the US. Russia will have no trade deficits and the us will have huge trade deficits. This is a direct attack on the dollar. The rubble will have more integrity than the dollar.
As they say, Im a bit of a scientist myself, imagine this scenario, as we know oil and gold are married together, pricing wise, us has a higher cost of oil, therefore a higher cost of gold, at the same time, Russia is now selling oil for much less for what is soaring in the US, if now the ruble is fixed to gold, (a cheaper gold) then countries that open accounts in russia, to pay for gas, will also have the incentive to buy more rubles, to buy local gold ore. Cheaper, and pay to the US, with that gold for their foreign debt. Russia creates the dependence of other countries to russian ruble and gold and oil, therefore ruble getting stronger. Meanwhile the US and the dollar will return to the country, to further increase inflation as less transactions will be made with it. This causing a bigger hit to the macro buffers and avoid / making sure the sanctions, hit the feet of the countries triggering them. = Im a 1st year economist, dont take my word for it, but I kind of see what can happen 😀
What would you rather have? A currency backed by gold or hyper inflated printed paper backed by a clown government?
Enlarge the background screen please! Do you watch it afterwards for readability?
USD is used as weapon around the world, china and Russia been working on that and it worked.
Russia's economy is punny! Compared to the world's economy. Let's not blow smoke!!
The United States is an evil government. Biden makes me sick and the current leaders.
YES!!! Putin used Biden’s/US sanctions to backfire. Putin has opened the door for the alternative use of the dollar. Look for other nations to follow and start buying Russia’s resources in rubles, as well as using the Yuan to buy from China. The petro-dollar dam has been cracked. And like all cracks they just keep growing and getting bigger.
The World Economic Antichrist should be profusely sweating right about now
Russia moving away from fake money usd thats good the rest of the world should follow suit
Lol, Ruble is still worth 0,011 euros. So much for that.
Putin is the man, but I am sure this came from the minds of China and Russia together. This was being done in Lybia and Iraq before the U.S. invaded them. It was just easier for Russia to take the offence to the U.S. through Ukraine and take the hit as the smaller economy so it doesn't affect the world as much. China and Russia have seen exactly what the west has as economic weapons. The U.S. has been talking about decoupling for years now and are taking steps slowly. Why should China and Russia wait for the U.S. to do it on their own time. Hit their eastern assets hard, take what you need and force the U.S. to decouple and take a major blow. All while changing the the Russian financial system to local the currenciy at the same tume. It's absolutely genius and I love it. Can you imagine how U.S. corporations are shaking in their pants if China does the same in 2024/2025?
Soon gold prices will find its real value when it's free from COMEX and LMRA. Gold prices have been rigged artificially by western traders.
Rouble back by gold VS fiat US$ money (print as much as you like). No brainer.
people who honestly believe this shuld convert theyre life savings to rubeles 😀
The USD was pointless when Nixon took us off the gold standard. How else does it seem we can shell out trillions like it's monopoly money?
"It gets dug out of the ground in Africa, or some place. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head."
—Attributed to Warren Buffett
Lmao gold ain't shit and real countries know that. Gold was the standard when we didn't have the technology or science to know any better. Because it was a pretty metal from the ground. Gold is pretty useless besides the artificial demand that governments put on it, kind of like how the diamond trade is run. But yeah, Putin can keep living in Lenin's dream and see how far that gets him.
Gordon Brown "gave away" half the British gold reserves at.about $275/ounce in 1999-2002. Today it is about $2,000/ounce, 700% increase – UK inflation in the same period was cumulative 64%. Today's Russian move follows a disastrous US regime change policy in many countries. Russia is not Libya. Why is Victoria Nuland harming her own country?
Yabba Dabba Doo! Can’t wait for the Barney Ruble NFTs!
Free world we go destroy Russia. 😁👍
Because our media is untrustworthy I have to rely on information like this.
I think the USA has been taking the pxxs for some time.
logically what seems more valuable funny colored paper or Gold