I lack knowledge in these currency exchanges but by going back to the gold backed currency doesn't Russia open the door for people to change for instance crappy fiat currencies for rubble and then drain Russia out of its gold? Is this action permeable from bad intentions? Maybe there is some faulty logic in here on my part ...
they would create a new rouble. There would be an exchange rate between the gold rouble and existing fiat one.
All it means is that Russia has X tons of gold in vaults somewhere as reserve. Each Ruble is worth some tiny weight of gold. All Rubles outstanding are equal to the total reserves by the country. In order to print more rubles, Russia must put more gold in a vault somewhere. If the price of gold goes up in dollar value then the Ruble goes up as well. Even though in times past you could theoretically exchange paper currency for gold, they're not going to do that.
This all works great if you believe that Russia has X tons of gold in their vaults. The US is very resistant to people auditing Fort Knox (hasn't been done in like 50 years), and that has little bearing on the US dollars worth. It's also possible to make fake gold bars that need x-ray like devices to determine that it's solid gold.
first you need to know what the gold price is in Rubles
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