>From March 28, 2022, the Bank of Russia will buy gold from credit institutions at a fixed price
>The price from March 28 to June 30 inclusive will be 5,000 rubles per 1 gram. This price level allows for a stable supply of gold and the smooth functioning of the gold mining industry. After June 30, the purchase price of gold can be adjusted
They're really gonna do it huh. That's pretty crazy. If that's the peg, it raises the price of the ruble by 40%
>implying you can actually exchange rubles for gold, ie the other way around
I hope so, but the realist in me is saying this might be a move to both a) capitalize russian banks, b) increase the russian central bank gold reserves.
Worst case scenario, imo: Russia is running out of gold, having to use its reserves to finance the war.
Best case scenario, imo: this is the birth of the golden ruble
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>force miners to sell you gold for half price
>value of fiat instantly doubles
Yeah, no way that genius plan can backfire.
But is this an unofficial gold peg? Has Russia done this before?
>But is this an unofficial gold peg?
only if they actually mine enough gold to back their currency. Which is essentially impossible even now with most of their foreign trade cancelled.
Why would they need to mine more gold? Couldn't they just recalue the ruble, like they did? Why would they need to mine more gold, unless to cover the value of any rubles printed in the future?
Look at it in the wider context:
> Russia won't accept compromised currencies for gas
> Russian gas will be priced in Rubles
> West doesn't hold enough Rubles to pay for gas
> CBoR sells them Rubles in exchange for physical gold
> They won't accept EUR or USD as it can be frozen
> In short: this effectively is using gold reserves instead of a PetroRuble reserve currency (that would be wrecked when they diversify from Russian sources)
>fixed price in rubles
user I ....
god, I hope you're right
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It's not about forcing the miners.
It's about forcing the gas payments to be made in gold.
Once the gay payments start, the Ruble will pop to a higher exchange rate.
Wow, never heard of this! I better get on board.
because the ruble isn't pegged to gold unless you can actually exchange it for gold at the pegged rate.
>It's about forcing the gas payments to be made in gold.
yep, but if a country bans buying russian gas it doesn't matter what they're not buying it with.
>because the ruble isn't pegged to gold unless you can actually exchange it for gold at the pegged rate.
true, but if you don't have rubles, you can sell gold and buy gas this way
>yep, but if a country bans buying russian gas it doesn't matter what they're not buying it with.
most countries in europe won't be able to do this, certainly not before next winter
Are private coin / bullion dealers illegal in russia? If not, then what do you mean?
It's a ceiling for the ruble, not a peg.
It could be the first step to gold backing or it could be nothing. We'll see I guess. If Putin really is trying to move all export into rubles, he'll need a strong ruble and gold backing is the way to do it. Maybe he wants to accumulate more gold first
>What did Russia mean by this?
it means gold can be confiscated at any time
many such cases
>Bring back the gold standard
>Friendly nations get to pay in BTC
Why am I supposed to believe Russia is the bad guy here?
So far the opposite has happened, Putin just removed the tax on gold sales to individuals. So I guess he wants normies to accumulate too
>the crazy man who launched WW3 because muh siege of Leningrad said...
Ok thanks.
the west will launch ww3 before they oil for gold will be done
because even the dumbest fuck politician knows that if this happens they are third world so its better to throw in the military and maybe achieve a victory then allowing this to happen and see their industry wealth and military wither away before their eyes
this golem is not going to go gently into the night