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No sooner was it that I wrote an article talking about how Russia was going to back the ruble with gold than “one of the Russia’s most powerful security/intelligence officers and a close ally of Putin” has admitted the country’s intentions to do just that.

And I’m predicting that no sooner will the gravity of this decision finally sink in with the West that China will follow closely in Russia’s footsteps and do the same.

Russia backing its currency with gold represents one of the most drastic changes to the foreign currency market in decades. As of 2022, precisely zero countries still adhere to a gold standard, though many countries still hold gold in reserve.

No sooner was it that I wrote an article talking about how Russia was going to back the ruble with gold than “one of the Russia’s most powerful security/intelligence officers and a close ally of Putin” has admitted the country’s intentions to do just that. And I’m predicting that no sooner will the gravity of this decision finally sink in with the West that China will follow closely in Russia’s footsteps and do the same. Russia backing its currency with gold represents one of the most drastic changes to the foreign currency market in decades. As of 2022, precisely zero countries still adhere to a gold standard, though many countries still hold gold in reserve.

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[–] • 1 pt

The only way this matters is if banks will exchange gold for rubles. Claiming the rubles are backed by gold is pointless if you can't get the gold. They can easily just go off the gold standard again and leave you holding the bag. I'll be interested in seeing the specifics of how this is implemented.

[–] • 0 pt

Claiming the rubles are backed by gold is pointless if you can't get the gold. They can easily just go off the gold standard again and leave you holding the bag.

Great point.