Ellabee (@Lizzie59293400): "💥BREAKING💥 🚨Russia returns to Gold standard🚨 The government will abolish the VAT (tax) on bullion. [784x763 - 307KB]

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[–] • 1 pt

(edited )

interesting:

"Notably, in 2020, Russian exports of gold, instead of being eastbound in line Putin’s “Look East” policy, have been overwhelmingly shipped westwards, via intermediary transshipment countries, and into the ultimate ownership of the US Federal Reserve"

https://www.russia-briefing.com/news/why-are-russia-s-surging-gold-exports-being-stockpiled-in-the-united-states-and-not-china.html/

.

"in 2020 Russia's revenues from gold exports for the first time exceeded the income from the sales of gas"

https://www.aa.com.tr/en/europe/russia-income-from-gold-export-exceed-gas-sales-profit/1910322

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[+] [deleted] • 0 pt

[–] • 0 pt

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

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