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Author Topic: Gold-backed ruble could be a game-changer  (Read 258 times)
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April 06, 2022, 05:40:57 PM
 #21

What a joke, Russia is truly stuck in the past. They keep fixating on World War II and somehow want to portray Ukrainians as Nazis; they keep pretending it's the Cold War time, and they are a great superpower that will negotiate for areas of interest with the US; and now they're thinking of a "paradigm-shifting" decision to back ruble with gold, which is something countries did BEFORE fiat. I think this gold maneuver is only a temporary cunning workaround to slow down ruble's way toward the abyss, but it's not going to work long term or fully work at all. Although I must say that, at least if we look at some estimated data on how much gold Russia has and how many rubles Russia has, they do seem to almost match in terms of their USD value, so the idea is not as delusional as it might seem.
But still, it's all very rough, and I'm skeptical this will actually work to Russia's significant advantage.

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April 06, 2022, 05:56:06 PM
 #22

After reading this article I remember that image of Putin holding a big Gold Bar.



Apparently Russians became the largest buyer of gold long before these sanctions came into place as well which does mean that the guy had strategies in mind. We might think he is acting without thinking but on the other hand it might try and back his own currency up and at the same time I do think that digital currencies are already taking a stead forward but Gold is honestly a good asset to have most of the developed nations do hoard gold, its value is not going to decrease overnight. Some countries even right now try and back their economy up by hoarding gold but only Lebanon does have their currency which is backed up by gold even right now. Other than that there are still countries living on gold standard at the moment, if someone wants to check it out : https://worldpopulationreview.com/country-rankings/what-countries-are-on-the-gold-standard-today
More or so it might not be such a stupid move at all. But they have to find a way to increase the depth of sanctions to make sure all the hardwork is not in vain. Russia needs to back off, they have to stop doing this, world cannot handle world war 3.

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April 06, 2022, 06:14:54 PM
 #23

I am skeptical of claims russia will back the ruble with gold.
I think you are right in your doubts, especially since this is not a peg of the ruble to gold, but an obligation to buy gold at a fixed price in rubles, that is, support for the ruble from below.

I think a full return to the gold standard in a single country is impossible and impractical. Partly because the price of gold is determined by a consortium of several banks and this mechanism is not entirely market driven, not 100% determined by the current balance of supply and demand (therefore, spreads between the prices of "paper" and "physical" gold are regularly observed).

Pegging the ruble to gas is a more interesting phenomenon, because money in itself is a kind of life force equivalent and tying a specific currency to a specific energy resource does not look too artificial, and therefore the "gas_ruble" can be successful and viable, like the "oil_dollar" for example.

Venezuela based their economy on oil prices so it was almost as if their currency was pegged to oil. They mismanaged their economy and when oil prices crashed, so did the Venezuelan economy. If Russia were interested in stabilizing their currency, I suppose a gold standard would help, but it would make sense just to adopt a Bitcoin as a currency at that point and ditch ruble all together (I understand for obvious reasons why Russia would not do this, more of just a hypothetical).

Perhaps the discussion Russia should be having would be one geared towards saving their economy and not ruble.
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April 06, 2022, 06:53:51 PM
 #24

Gold backed Ruble could be a game changer and may not change anything because right from the beginning every fiat currency is once backed with gold before they are backed by the government. Meanwhile, fiat currency has been backed by gold or the government won't do anything if the government doesn't stop printing more ridiculous notes.

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April 07, 2022, 06:36:55 AM
Last edit: April 07, 2022, 06:52:18 AM by be.open
 #25

I am skeptical of claims russia will back the ruble with gold.
I think you are right in your doubts, especially since this is not a peg of the ruble to gold, but an obligation to buy gold at a fixed price in rubles, that is, support for the ruble from below.

I think a full return to the gold standard in a single country is impossible and impractical. Partly because the price of gold is determined by a consortium of several banks and this mechanism is not entirely market driven, not 100% determined by the current balance of supply and demand (therefore, spreads between the prices of "paper" and "physical" gold are regularly observed).

Pegging the ruble to gas is a more interesting phenomenon, because money in itself is a kind of life force equivalent and tying a specific currency to a specific energy resource does not look too artificial, and therefore the "gas_ruble" can be successful and viable, like the "oil_dollar" for example.

Venezuela based their economy on oil prices so it was almost as if their currency was pegged to oil. They mismanaged their economy and when oil prices crashed, so did the Venezuelan economy. If Russia were interested in stabilizing their currency, I suppose a gold standard would help, but it would make sense just to adopt a Bitcoin as a currency at that point and ditch ruble all together (I understand for obvious reasons why Russia would not do this, more of just a hypothetical).

Perhaps the discussion Russia should be having would be one geared towards saving their economy and not ruble.
Russia and Venezuela are still in different weight categories. In the foreseeable future, gas prices do not show prerequisites for a decline, plus a protective barrier of gold protects the ruble from possible drawdowns from below. The price of the ruble has stabilized and returned to the level of early February, why should Russia abandon the national currency, which is controlled by the Central Bank? In terms of bitcoin mining, Russia is in the top 3 in the world, after the USA and Kazakhstan, although the position of the Central Bank of Russia is more likely to reject cryptocurrencies than vice versa. At the same time, Putin spoke out in favor of mining for the disposal of excess electricity and the development of IT.

The Russian economy as a whole is coping well with sanctions shocks, all life support systems are working normally, gasoline has not risen in price, there is food in stores. Coffee beans have noticeably risen in price, while for me this is the most significant change. So to directly "saving" while there seems to be nothing special.

Russia has a large external debt, but this is not the debt of the state, but the debt of large companies.  

Taking into account the fact that large companies are, in fact, backbone state-owned companies, their debt to foreign counterparties can be considered as an external public debt.  
Russia's corporate external debt is about $550 billion, all payments on it in favor of investors from unfriendly countries go through a government commission that issues to creditors a bearer promissory note for money blocked by the sanctions of the Central Bank of Russia in the amount of up to $300 billion. Yesterday, for the first time, payments on the state debt were made in rubles.

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April 21, 2022, 05:35:23 PM
 #26

Russia has to find another way to continue with the global trade and since they have been thrown out of the SWIFT system, they would certainly want to continue with their own currency. But I think it's only a proposal for now and no concrete decision has been made yet. While Russia is demanding only Rubble payments in exchange of their gas and oil which will force some countries to buy Rubble to support its value. Also he has proposed to peg 5000 Rubbles with the value of 1 gram of fine gold. It's a masterstroke from where I see it!

Russia is the second highest global natural gas supplier just after Unites states and even during the war, they were not replaced from its position. So seeking only Rubble payments for their gas supply and pegging the Rubble value with Gold, will reduce dollar dominance from this sector of world trade. Also it will support the value of Rubble from falling down. It is indeed a game changer in many aspects!

It's a wise strategy that might help rise the Ruble from the ground up. But getting access to gold reserves when sanctions are in place, is quite a difficult task to achieve. Maybe China will help Russia with this? Anyways, I think Russia should've thought about making its economy self-sustainable sooner. Now it's too late to do anything about it, as most countries stopped doing business with Russia.

Sometimes I wonder how long Putin will last with increasing pressure against him. Unless he acts quickly to help restore the economy, his regime won't last soon. We'll see how Russia's currency will perform by the end of the year as the US and the EU continue to tighten sanctions. Just my opinion Smiley

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April 21, 2022, 08:58:50 PM
 #27

In the modern model of a society of advanced consumption, a higher standard of living is not for those who live within their means and save for a rainy day, but for those who actively use credit leverage and have a chronic budget deficit.

The large gold and foreign exchange reserves that Russia has managed to accumulate is, on the one hand, good, but on the other hand, this means that Russia has been purposefully filling the National Welfare Fund for years, instead of using this money to develop the economy. In fact, this money was systematically withdrawn from circulation and lay dead weight, undermined by inflation (if we are talking about fiat currencies), or taking up space in the vault and not paying dividends (if we are talking about gold).

Since 2014, after the annexation of Crimea, Russia has been under heavy pressure from economic sanctions, so its current economic model is more of a wartime economy than a peacetime one. I think Putin understood perfectly well that the US and NATO would hardly risk entering into a direct military confrontation with Russia (because "there are no winners in a nuclear war"), and the West's pressure on Russia would be economic.

"Putin knew", "Putin assumed" - this is the biggest misconception! Since 2014, Putin has been living in a closed sphere filled with information fakes, with elements of mental masturbation Smiley
Let me explain - since 2014, for sure, and possibly earlier, Putin's corrupt entourage realized that he only needs to throw in the news only what he wants to hear, and you can continue to plunder budgets, without risk. Putin gets "moral ecstasy" after another news folder where Russia has defeated everyone, everyone is afraid of it, and they are already building a base on Mars. Let everything degrade in reality, but Putin will not go to all Syzran and check?! He is served beauty from TV, from folders and reports. He was also sure that the huge sums spent on bribing politicians in the EU and other administrations would not allow launching the mechanism of total sanctions and arms supplies to Ukraine. He was sure, but he got it wrong ... And now the problem begins, which in psychiatry is called "cognitive dissonance"! His most powerful army, the army of Ukraine, has been raped as it wants and will soon be driven out of the territory of Ukraine, the economy has collapsed, partners are turning away, sanctions are intensifying ... And on the way, the "great leader" also has senile dementia and Parkinson's disease ... Smiley


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April 21, 2022, 10:48:11 PM
 #28

Sometimes I wonder how long Putin will last with increasing pressure against him. Unless he acts quickly to help restore the economy, his regime won't last soon. We'll see how Russia's currency will perform by the end of the year as the US and the EU continue to tighten sanctions.
Perhaps reading Putin's intentions is too difficult since the Ukraine war broke out.  but i'm just looking at the existence of the russian economy, how the ruble will react to their dire conditions, at least they have had some positive results moving gas payments in dong  rubles, it pulls liquidity from Russia's local currency.  But this isn't going to last long, they look at a bitcoin-backed ruble mechanism / bitcoin legitimacy one that will happen soon I guess.  But bitcoin is stuck between Putin and the EU.  Lol

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April 21, 2022, 11:54:28 PM
 #29

Russia has to find another way to continue with the global trade and since they have been thrown out of the SWIFT system, they would certainly want to continue with their own currency. But I think it's only a proposal for now and no concrete decision has been made yet. While Russia is demanding only Rubble payments in exchange of their gas and oil which will force some countries to buy Rubble to support its value. Also he has proposed to peg 5000 Rubbles with the value of 1 gram of fine gold. It's a masterstroke from where I see it!

Russia is the second highest global natural gas supplier just after Unites states and even during the war, they were not replaced from its position. So seeking only Rubble payments for their gas supply and pegging the Rubble value with Gold, will reduce dollar dominance from this sector of world trade. Also it will support the value of Rubble from falling down. It is indeed a game changer in many aspects!

It's a wise strategy that might help rise the Ruble from the ground up. But getting access to gold reserves when sanctions are in place, is quite a difficult task to achieve. Maybe China will help Russia with this? Anyways, I think Russia should've thought about making its economy self-sustainable sooner. Now it's too late to do anything about it, as most countries stopped doing business with Russia.

Sometimes I wonder how long Putin will last with increasing pressure against him. Unless he acts quickly to help restore the economy, his regime won't last soon. We'll see how Russia's currency will perform by the end of the year as the US and the EU continue to tighten sanctions. Just my opinion Smiley

With how things are panning out with this war, I believe, Russians are ready to replace Putin. One big wrong move of Putin and he will find himself ousted by his people. Actually, this war already is his one mistake. And we don't know the authenticity of the news of backing the ruble with gold. Maybe, just to change the mindset of other countries which are losing their trust to their government.
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April 23, 2022, 09:32:24 PM
 #30

It's a wise strategy that might help rise the Ruble from the ground up. But getting access to gold reserves when sanctions are in place, is quite a difficult task to achieve. Maybe China will help Russia with this? Anyways, I think Russia should've thought about making its economy self-sustainable sooner. Now it's too late to do anything about it, as most countries stopped doing business with Russia.

Sometimes I wonder how long Putin will last with increasing pressure against him. Unless he acts quickly to help restore the economy, his regime won't last soon. We'll see how Russia's currency will perform by the end of the year as the US and the EU continue to tighten sanctions. Just my opinion Smiley
I would guess that it's easier to get a hold of gold then get a hold of anything else. Gold is precious metal and no "nation" would love to part ways with their own gold and that is why we know that it's not going to be easy for Russia to get gold from nations and governments.

However, if they pay a bit higher than what it's worth, not a lot like even at 2-3% rate, or even better at 5% rate? They would be swimming in gold, so far nations do not do that too much because why would they? We do not have gold standard, but if Russia starts to do that, they would be able to actually purchase so many and would be like scrooge mcduck and his gold vault.
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April 23, 2022, 10:39:50 PM
 #31

Sometimes I wonder how long Putin will last with increasing pressure against him. Unless he acts quickly to help restore the economy, his regime won't last soon. We'll see how Russia's currency will perform by the end of the year as the US and the EU continue to tighten sanctions.
Perhaps reading Putin's intentions is too difficult since the Ukraine war broke out.  but i'm just looking at the existence of the russian economy, how the ruble will react to their dire conditions, at least they have had some positive results moving gas payments in dong  rubles, it pulls liquidity from Russia's local currency.  But this isn't going to last long, they look at a bitcoin-backed ruble mechanism / bitcoin legitimacy one that will happen soon I guess.  But bitcoin is stuck between Putin and the EU.  Lol
Russia wont give up on this and they will do everything to survive their economy because they know the sanctions is hard for them but since there’s gold and Bitcoin, this could be a game changer for Russia but I hope they realize good thing first before the worst to happen. Let’s see how the big countries will deal with this one, almost all EU countries are affected on this.
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April 24, 2022, 04:03:35 PM
 #32

I am skeptical of claims russia will back the ruble with gold.
I think you are right in your doubts, especially since this is not a peg of the ruble to gold, but an obligation to buy gold at a fixed price in rubles, that is, support for the ruble from below.

I think a full return to the gold standard in a single country is impossible and impractical. Partly because the price of gold is determined by a consortium of several banks and this mechanism is not entirely market driven, not 100% determined by the current balance of supply and demand (therefore, spreads between the prices of "paper" and "physical" gold are regularly observed).

Pegging the ruble to gas is a more interesting phenomenon, because money in itself is a kind of life force equivalent and tying a specific currency to a specific energy resource does not look too artificial, and therefore the "gas_ruble" can be successful and viable, like the "oil_dollar" for example.
Pegging the ruble to gold could, if properly managed, boost the Russian economy under normal conditions of existence. But Russia is now at war with Ukraine and is spending enormous amounts of money on it. In addition, international sanctions are already rapidly isolating Russia on the international stage and destroying its economy. Therefore, no peg of the ruble to gold will help Russia now. They simply will not be able to do it, because the level of inflation and unemployment will soon go through the roof.
Linking the ruble to gas or oil is also a belated decision, because civilized countries have already developed programs for the gradual abandonment of oil and gas and the transition to alternative energy sources in connection with the need to combat abrupt climate change. Russia's aggression against Ukraine has further accelerated this process. Russia would soon have no where to put its oil and gas, and under sanctions it would be a disaster for it.

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April 24, 2022, 04:56:49 PM
 #33

Been hearing this for years, sometimes the gossip is they are in cahoots with China to bring back the gold standard. If they really want to do this then they should do this now. Under peacetime I would say it's not a bad idea to peg the currency to gold. Especially with what's happening to the dollar recently.

Whether that's going to solve their wartime economic woes would be different matter, especially with sanctions limiting what transactions can be done.
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April 24, 2022, 07:20:56 PM
 #34

Been hearing this for years, sometimes the gossip is they are in cahoots with China to bring back the gold standard. If they really want to do this then they should do this now. Under peacetime I would say it's not a bad idea to peg the currency to gold. Especially with what's happening to the dollar recently.

Whether that's going to solve their wartime economic woes would be different matter, especially with sanctions limiting what transactions can be done.

Forget the fairy tale "Russia and China"! China, of course, is still that "nut", but China is well aware that its economy depends on partners, even ideological opponents, but those who bring investments to China, who provide technology, and who provide a market for Chinese goods. And Russia for China is just a resource appendage, which it manipulates as China needs. Plus, "not far off" is the resolution of the issue of "the historical lands of China temporarily in the possession of Russia", and this is almost everything from the Urals to the far east of Russia.

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April 25, 2022, 01:35:06 AM
 #35

With how things are panning out with this war, I believe, Russians are ready to replace Putin. One big wrong move of Putin and he will find himself ousted by his people. Actually, this war already is his one mistake. And we don't know the authenticity of the news of backing the ruble with gold. Maybe, just to change the mindset of other countries which are losing their trust to their government.

That's certainly true, mate. Putin made the worst mistake of his life by putting his country off the world stage. Now almost everyone is against Russia, putting down both its economical and political status on the ground. Unless Putin decides to stop the invasion, things will only get worse in the long run. It's likely Russian people will turn against the government due to ever-increasing economic pressure. I don't think backing the Ruble with Gold will bring back the economy, especially when the country is stripped away from international trade. No one knows what other measures the US and its allies will take against Russia, so we can only hope for the worst. As long as peace between Russia and Ukraine is restored, nothing else matters. Just my thoughts Grin

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April 25, 2022, 03:26:59 AM
 #36

It's a good idea if the ruble or other currency is immediately backed by gold, this can maintain the stability of the currency, gold and silver have become currencies of the past and have proven to be resistant to inflation and even though the number continues to grow but never makes its value go down because gold always increases in price.
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April 26, 2022, 02:28:03 PM
 #37

Been hearing this for years, sometimes the gossip is they are in cahoots with China to bring back the gold standard. If they really want to do this then they should do this now. Under peacetime I would say it's not a bad idea to peg the currency to gold. Especially with what's happening to the dollar recently.

Whether that's going to solve their wartime economic woes would be different matter, especially with sanctions limiting what transactions can be done.

Forget the fairy tale "Russia and China"! China, of course, is still that "nut", but China is well aware that its economy depends on partners, even ideological opponents, but those who bring investments to China, who provide technology, and who provide a market for Chinese goods. And Russia for China is just a resource appendage, which it manipulates as China needs. Plus, "not far off" is the resolution of the issue of "the historical lands of China temporarily in the possession of Russia", and this is almost everything from the Urals to the far east of Russia.

Yes, it'll be more like just another North Korea for China. Though I think if China would ever want to pull this off, it'll include Russia in the plans. Like, what other huge country could it get on board its plans to replace the US as the global hegemon. That's why I've always said the war in Ukraine is bad for Russia since once it gets isolated it'll be more easy for China to get it to do its bidding.
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April 28, 2022, 04:17:42 AM
 #38

Russia is aware that only with gold support can be a solution for strong finances and is resistant to inflation, and of course makes public trust and even the world increases because they are not worried about gold, and I hope the idea can happen soon and many countries are worthy The idea of the Russian government.


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April 28, 2022, 09:33:20 AM
 #39

Russia is aware that only with gold support can be a solution for strong finances and is resistant to inflation, and of course makes public trust and even the world increases because they are not worried about gold, and I hope the idea can happen soon and many countries are worthy The idea of the Russian government.

It won't help them.
Firstly, gold reserves, although significant, are not unlimited. Moreover, operations related to the sovereign debt of Russia are blocked, which means that Russia can replenish gold reserves only by buying out the domestic product, but cannot buy on the foreign market.
Secondly, where will she sell gold in order to get the currency, without which, after some time, imported components and high-tech equipment for gold mining will run out and that's all Smiley And there is nowhere to sell gold, or to China, and at a dumping price, because China wants it that way, and Russia, out of habit, will follow the order of the "big brother"!

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April 29, 2022, 01:31:16 AM
 #40

It won't help them.
Firstly, gold reserves, although significant, are not unlimited. Moreover, operations related to the sovereign debt of Russia are blocked, which means that Russia can replenish gold reserves only by buying out the domestic product, but cannot buy on the foreign market.
Secondly, where will she sell gold in order to get the currency, without which, after some time, imported components and high-tech equipment for gold mining will run out and that's all Smiley And there is nowhere to sell gold, or to China, and at a dumping price, because China wants it that way, and Russia, out of habit, will follow the order of the "big brother"!

Without international support, Russia will be doomed to failure. I can't see how backing the Ruble against Gold will have any positive effect over the country's economy, especially when it's almost impossible to do so. Putin's days are numbered, so the faster Russia changes its regime, the better it'll be for the country.

I'd say the US and its allies did a great job in trying to punish Putin's actions. But I believe that more needs to be done in order to stop the invasion for good. Once Russia backtracks, then it's possible the economy will restore itself at a slow and steady pace. Who knows what lies ahead for the Ruble before the year's end? Just my thoughts Grin

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