Russia goes to Gold Standard to avoid Sanctions

Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • Russia sets fixed gold price as it restarts official bullion purchases
  • Starting this week, the Russian central bank will pay a fixed price of 5,000 rubles ($52) per gram between March 28 and June 30, the bank said on Friday. This is below the current market value of around $68.
  • Gainesville Coins precious metals expert Everett Millman told Kitco News “Setting a fixed price for rubles per gram of gold seems to be the intention. That’s pretty important when it comes to how Russia could seek funding and manage its central bank financing outside of the U.S. dollar system.”
  • Gold is one of the most logical international currencies to use when you are trying to get around sanctions, Millman added.
  • Last week, the U.S. Treasury banned all gold transactions with Russia’s central bank.

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