![Ellabee (@Lizzie59293400): "💥BREAKING💥 🚨Russia returns to Gold standard🚨 The government will abolish the VAT (tax) on bullion. [784x763 - 307KB]](https://pic8.co/sh/fwFzxK.png){kind=link}
Finance stuff goes a bit over my head, like I've no idea why they have moved gold to America if they were planning to risk making it un-tradeable by starting a war?
If Russia needs to offset sanctions by trading gold with China then surely the value would fall?
But
o0shad0o "I do predict, however, that if any major nation does switch to a gold-backed currency, the price of gold in other currencies will roughly double."
gold is up a bit but may fall if the war ends (which it will when Russia finishes crushing Ukraine) https://www.reuters.com/markets/asia/live-markets-gold-could-see-large-price-drop-if-ukraine-russia-tensions-ease-2022-02-22/
Russia has billions in crypto, which I'd expect to keep rising as it bypasses sanctions
Finance stuff goes a bit over my head, like I've no idea why they have moved gold to America if they were planning to risk making it un-tradeable by starting a war?
If Russia needs to offset sanctions by trading gold with China then surely the value would fall?
But
o0shad0o
*"I do predict, however, that if any major nation does switch to a gold-backed currency, the price of gold in other currencies will roughly double."*
gold is up a bit but may fall if the war ends (which it will when Russia finishes crushing Ukraine)
https://www.reuters.com/markets/asia/live-markets-gold-could-see-large-price-drop-if-ukraine-russia-tensions-ease-2022-02-22/
Russia has billions in crypto, which I'd expect to keep rising as it bypasses sanctions
(post is archived)