Gold-backed ruble could be a gamechanger for Russia and the West ...News

Russia Today - Economy

Linking the currency to gold and energy is a paradigm shift for the global economy, a precious metals analyst tells RT The Bank of Russia has resumed gold purchases this week, but more importantly, the regulator is doing so at a fixed price of 5,000 rubles ($59) per 1 gram between March 28 and June 30, raising the possibility of Russia returning to the gold standard for the first time in over a century. If the country takes the next step, as has been proposed this week, to sell its commodities priced in rubles, these combined moves could have huge implications for the ruble, the US dollar, and the global economy.

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Last updated : 02 April 2022 clock 09:57 AM

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Gold-backed ruble could be a gamechanger for Russia and the West ...News

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