Will Gold Money Rescue Russia?!!, 4144

Last week, Vedomosti, a Russian-language business daily newspaper published in Moscow, confirmed that the Russian government has moved to back the Russian money – the Ruble – with gold!. Russia's adoption of a gold-backed Ruble gains even greater significance as the West frets over its own inflationary pressures caused by the reckless money printing of Western nations in general, and of the Biden Administration in particular.

Recently, the sanctions imposed by the US, UK, and the rest of Europe crashed the value of the Ruble. So, to save its economy, Russia pegged its currency to gold. Back in March, Russia announced it will pay $52 per gram of gold. That was $10 less than the international market rate. But that halted falling price of gold.
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This, however, is just the beginning of the story.

Is Russia’s adoption of gold-backed money the beginning of a seismic shift in the global economic landscape? Only time will tell.

The precise amount of physical gold held by Russia within its borders is not publicly disclosed, but experts believe it is substantial. As with many countries, the details of a nation's gold reserves are often treated as state secrets. However, what is known is that Russia has been steadily increasing its gold reserves over the past decade as part of its diversification strategy. The country has been actively accumulating gold thanks to its substantial profits from its vast energy production sector. By bolstering its gold reserves, Russia aims to create a strong foundation for its gold-backed ruble to solidify its position in a shifting global financial landscape.