![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}
I think that the tax could have been a large hurdle for using it in exchange, and this will remove it. The comment in op's picture might be correct too, this could change the "non-volatile" currency in russia from usd -> gold (i don't know how true the common people relying on usd for wealth storage is).
In the us we are free to trade in gold, it just takes willing participants. If there were a 20% tax for converting then you couldn't really do that. There is a similar issue with "exchange fees" in any financial instrument in the US (for us plebs). This adds some friction, but not 20%...
That helps, yes, thanks very much. Yes that kind of tax must be extremely prohibitive.
So, what's gonna happen, huh?
When will gold break out.
Do I have time to buy some more Gold Eagles?
What do I do?
HEEEEELLLP.
Okay, I'm fine, I'm cool. Sigh.
There is never a bad time to buy gold. Ever. Worst case scenario is you buy "too late" to see huge dividends and you'd "only" have the value at the time of purchase/market value. So....no downfall.
Gold will never be worthless, it's incredibly malleably and is rust proof. It's also gorgeous and there's something within the human psyche that admires its intrinsic beauty.
Silver is the worlds best conductor and also will always carry value because of it.
God's money.
If you want my opinion (i am not a financial advisor), it is to watch the difference between physical and the GLD etf. when you start to see the gap grow too much it means that you are paying more of a premium for taking delivery of physical. the only reason this gap wouldn't go back down at a later date would be the collapse of the usd or the financial markets. That isn't a 0% likelyhood, so you have to make the decisions, but in times of strife it is usually better to buy the etf, and then when things calm down you can convert to physical.
Also, see if you can find a local coin dealer. news like this means that some people will be reminded of what they have and cash out.
Yes, thanks. I have a dealer I've been buying from for over 20 years, my son bought a bunch at $500 an oz.
Have a lot of junk silver as well.
Gold though would have to be linked to the currency.
(post is archived)