Russia just made a case for owning gold — and nobody noticed

[libertybele]

Russia just made a case for owning gold — and nobody noticed

Here’s a strong argument for adding some gold bullion to your retirement portfolio right now, alongside those stocks and bonds.

And it comes courtesy of Pavel Zavalny, the head of the Russian parliament.

Zavalny spoke last week on the subject of all the economic and financial sanctions being levied against Russia following the invasion of Ukraine. Most of the coverage of his remarks implied that Russia might respond to the sanctions by switching from U.S. dollars to “bitcoin” BTCUSD, -0.79% BTCUSD, -0.79% for international trade.

But a look at the transcript being reported shows something quite different. Zavalny added bitcoin only at the end of a long list of other currency and trading options, almost as an afterthought.

(As you might expect. Not only is bitcoin new, ridiculously volatile, widely open to manipulation, and a massive drain on energy in a world facing an energy crisis, but it also offers no guarantee of privacy. Western authorities can track all transactions on the blockchain, with the result, for example, that they can even get back bitcoin ransoms.)

Much more interesting was Zavalny’s main point, even though it has been mostly overlooked. If other countries want to buy oil, gas, other resources or anything else from Russia, he said, “let them pay either in hard currency, and this is gold for us, or pay as it is convenient for us, this is the national currency.”

In other words, Russia is happy to accept your national currency — yuan, lira, ringgits or whatever — or rubles, or “hard currency,” and for them that no longer means U.S. dollars, it means gold.

“The dollar ceases to be a means of payment for us, it has lost all interest for us,” Zavalny added, calling the greenback no better than “candy wrappers.”

What will this mean? Maybe nothing. Or maybe a lot. Especially if Russia’s lead is followed by countries such as China, India and others — countries that may not welcome Washington’s ability to control the global financial system through its monopoly power over the global reserve currency.......................

https://www.marketwatch.com/story/russia-just-made-a-case-for-owning-goldand-nobody-noticed-11648415950?mod=home-page

[DB]

How about not buy Russian oil at all if they won't accept dollars.

And how about bringing our oil resources back online to lower the cost of oil substantially further crushing Russia's war machine.

[catfish1957]

I've been quoted many times that in the future, Gold and Silver will be our future $100's and $20's.

Now at $1,900+/oz, it's a bit pricey on par, but I do expect some dips until SHTF time.   I'm in for adding position 1,700-1,800.

[IsailedawayfromFR]

I've been quoted many times that in the future, Gold and Silver will be our future $100's and $20's.

Now at $1,900+/oz, it's a bit pricey on par, but I do expect some dips until SHTF time.   I'm in for adding position 1,700-1,800.

The big reason they may skyrocket is if states create their own tender as permitted under Article I, Section 10 of the Constitution.
Bypasses the fed.

Texas has already begun addressing this.

Texas Launches Gold-backed Bank, Challenging Federal Reserve
by Alex Newman July 15, 2015
The State of Texas is setting up a gold-backed bank that will allow depositors to bypass the controversial Federal Reserve System and its fiat currency in banking and commerce, according to the state representative who authored the recently enacted law. Under the measure, passed overwhelmingly by lawmakers and signed in mid-June by Republican Governor Greg Abbott, Lone Star State officials will establish and operate the Texas Bullion Depository for anyone who would like to deposit and trade in precious metals. The implications are as big as Texas.

While some analysts have said the move may be another sign heralding Texas’ eventual secession from the union, or preparation for financial Armageddon, its advocates say the depository simply makes financial sense. Among other benefits, the institution will provide more options to consumers weary of the increasingly troubled traditional banking and monetary system, which is viewed by the public with growing suspicion. And experts say the effect of making it easier to use sound money in commerce could be far-reaching.

Among other immediate effects, the law creating the first state-level gold-backed bank in the nation, House Bill 483, will involve repatriating about $1 billion of Texas gold from New York. Conflicting news reports and official statements say the state’s precious metals stockpile is being held either by HSBC in New York, or by the powerful New York Federal Reserve Bank, a privately owned outfit cloaked in secrecy with immense power over the U.S. economy. First, though, officials will need to select a home for the Texas depository.
https://thenewamerican.com/texas-launche...ederal-reserve/[/quote