video Russia Makes Case For Owning GOLD

[MrD]

Mike Maloney and Adam Taggart discuss a recent article from Marketwatch that revealed some startling remarks from Russia about gold. It seems that every day, more and more of Mike Maloney’s predictions are coming true.

 

[Peter]

Russia To Lead BRICS In January And Push For Gold-Backed Currency

 

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In January, Russia takes over the presidency of BRICS. So far, Russia has failed to get a gold-backed trade settlement currency on the BRICS agenda, with pushback from India and China. But we should assume that Russia will not abandon her trade currency objective. For now, there is a broad agreement between members to accept each other’s currencies, which can only be a stopgap. We can expect Russia, in whose hands these currencies are entirely worthless, to redouble her efforts to promote a gold-backed trade credit system. 

kingworldnews.com

 

It has been some time since these rumours about Russia's plans for a gold backed currency started floating around. For sure Russia is one of the few countries worldwide having enough gold resources - above ground and in the ground - to back up such plans.

The linked article doesn't speculate about the Russian government backing the ruble with gold - it's not about creating a gold backed currency to be used inside Russia, a plan which was rejected by the Russian Central Bank - but just creating a gold backed currency to be use in order to settle international trade balances between Russian companies - private as well as public - and other countries.

[Peter]

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Russia is working with several friendly countries on the creation of clearing platforms for cross-border settlements in stablecoins, according to Tass news agency.

In a bid to abolish transactions in fiat currencies like the US dollar and euro, Russia's Deputy Finance Minister Alexey Moiseyev said it is working with the number of countries to issue a new cryptocurrency backed by gold.

"We offer mutually acceptable tokenized instruments that will be used on these platforms, which are essentially clearing platforms that we are currently developing with these countries. Stablecoins can be pegged to some generally recognized instrument, for example, gold, the value of which is clear and observable for all participants," Moiseyev said.

livemint.com

 

As already said, it's not about a new national currency, it's just about cross-border settlements.