The central bank in Russia just announced they will buy gold at a specified rate from its banks for the next three months. While this rate is under the current price of gold, it effectively pegs the ruble to gold and sets a floor underneath the gold price. The real fun starts if Russia decides to price oil in rubles or gold after this move. They could effectively force the world onto a new gold exchange standard.
Central Bank of Russia announced that starting from March 28, the ruble will be bound to gold， 5,000 rubles for one gram.
Russia's natural gas exports to unfriendly Europe must be settled in rubles，now gold provides another option. t.co/rY2F5X77Nu pic.twitter.com/HnAW72SLZy
— zhuangzi (@zhuangz56893009) March 26, 2022
Russia has now put the Ruble on the goldstandard.
1 gram of gold, 5000 Ruble. Remember; 1 Ruble is about 1 cent as of today. Russia will not accept gas payment in other currency now.
The world is going to suffer. Sanctions only hurt us. Wake up and see things for what they are.
— ʞɔoɾʌǝp (@devjock) March 27, 2022
Will Russia back the Ruble with gold or a basket of commodities they have in their soil.For example Gold, Nickle, Natural Gas, maybe even Fertilizer.Essentially they could set it up where any country who wanted to buy these commodities from Russia would need to covert to Rubles. t.co/CGvoQHq8iY
— YourHedge (@realyourhedge) March 28, 2022
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