Topic: Gold-backed ruble could be a game-changer (Read 266 times)

There is no doubt that by making Gold a supporter of Ruble it will make the community's trust increase and increasingly make the Russian economy more stable even when the threat of sanctions will not have any impact.

I have repeatedly said that today's Russia with its rashist regime, world terror, both military and economic, should be perceived as a cancerous tumor on the world map. In medicine, for this class of diseases, there is only one solution - the destruction of the tumor, its metastasis (LNR, DNR, PMR, .....). Otherwise, after a while the tumor will reappear, and will be even more aggressive.
Therefore, the outcome of the meeting in Ramstein was one beautifully formulated goal - to weaken Russia to such a level that it could no longer accumulate forces sufficient to repeat the aggression against its neighbors. And when such a goal is achieved, no one will be interested in what will happen to the ruble, since it will most likely remain the currency of the most depressive territory "Moscow Republic", which for many decades will pay reparations to all the countries affected by its aggression

Without international support, Russia will be doomed to failure. I can't see how backing the Ruble against Gold will have any positive effect over the country's economy, especially when it's almost impossible to do so. Putin's days are numbered, so the faster Russia changes its regime, the better it'll be for the country.

I'd say the US and its allies did a great job in trying to punish Putin's actions. But I believe that more needs to be done in order to stop the invasion for good. Once Russia backtracks, then it's possible the economy will restore itself at a slow and steady pace. Who knows what lies ahead for the Ruble before the year's end? Just my thoughts

It won't help them.
Firstly, gold reserves, although significant, are not unlimited. Moreover, operations related to the sovereign debt of Russia are blocked, which means that Russia can replenish gold reserves only by buying out the domestic product, but cannot buy on the foreign market.
Secondly, where will she sell gold in order to get the currency, without which, after some time, imported components and high-tech equipment for gold mining will run out and that's all And there is nowhere to sell gold, or to China, and at a dumping price, because China wants it that way, and Russia, out of habit, will follow the order of the "big brother"!

Russia is aware that only with gold support can be a solution for strong finances and is resistant to inflation, and of course makes public trust and even the world increases because they are not worried about gold, and I hope the idea can happen soon and many countries are worthy The idea of the Russian government.

Yes, it'll be more like just another North Korea for China. Though I think if China would ever want to pull this off, it'll include Russia in the plans. Like, what other huge country could it get on board its plans to replace the US as the global hegemon. That's why I've always said the war in Ukraine is bad for Russia since once it gets isolated it'll be more easy for China to get it to do its bidding.

It's a good idea if the ruble or other currency is immediately backed by gold, this can maintain the stability of the currency, gold and silver have become currencies of the past and have proven to be resistant to inflation and even though the number continues to grow but never makes its value go down because gold always increases in price.

That's certainly true, mate. Putin made the worst mistake of his life by putting his country off the world stage. Now almost everyone is against Russia, putting down both its economical and political status on the ground. Unless Putin decides to stop the invasion, things will only get worse in the long run. It's likely Russian people will turn against the government due to ever-increasing economic pressure. I don't think backing the Ruble with Gold will bring back the economy, especially when the country is stripped away from international trade. No one knows what other measures the US and its allies will take against Russia, so we can only hope for the worst. As long as peace between Russia and Ukraine is restored, nothing else matters. Just my thoughts

Forget the fairy tale "Russia and China"! China, of course, is still that "nut", but China is well aware that its economy depends on partners, even ideological opponents, but those who bring investments to China, who provide technology, and who provide a market for Chinese goods. And Russia for China is just a resource appendage, which it manipulates as China needs. Plus, "not far off" is the resolution of the issue of "the historical lands of China temporarily in the possession of Russia", and this is almost everything from the Urals to the far east of Russia.

Been hearing this for years, sometimes the gossip is they are in cahoots with China to bring back the gold standard. If they really want to do this then they should do this now. Under peacetime I would say it's not a bad idea to peg the currency to gold. Especially with what's happening to the dollar recently.

Whether that's going to solve their wartime economic woes would be different matter, especially with sanctions limiting what transactions can be done.

Pegging the ruble to gold could, if properly managed, boost the Russian economy under normal conditions of existence. But Russia is now at war with Ukraine and is spending enormous amounts of money on it. In addition, international sanctions are already rapidly isolating Russia on the international stage and destroying its economy. Therefore, no peg of the ruble to gold will help Russia now. They simply will not be able to do it, because the level of inflation and unemployment will soon go through the roof.
Linking the ruble to gas or oil is also a belated decision, because civilized countries have already developed programs for the gradual abandonment of oil and gas and the transition to alternative energy sources in connection with the need to combat abrupt climate change. Russia's aggression against Ukraine has further accelerated this process. Russia would soon have no where to put its oil and gas, and under sanctions it would be a disaster for it.

Russia wont give up on this and they will do everything to survive their economy because they know the sanctions is hard for them but since there’s gold and Bitcoin, this could be a game changer for Russia but I hope they realize good thing first before the worst to happen. Let’s see how the big countries will deal with this one, almost all EU countries are affected on this.

I would guess that it's easier to get a hold of gold then get a hold of anything else. Gold is precious metal and no "nation" would love to part ways with their own gold and that is why we know that it's not going to be easy for Russia to get gold from nations and governments.

However, if they pay a bit higher than what it's worth, not a lot like even at 2-3% rate, or even better at 5% rate? They would be swimming in gold, so far nations do not do that too much because why would they? We do not have gold standard, but if Russia starts to do that, they would be able to actually purchase so many and would be like scrooge mcduck and his gold vault.

With how things are panning out with this war, I believe, Russians are ready to replace Putin. One big wrong move of Putin and he will find himself ousted by his people. Actually, this war already is his one mistake. And we don't know the authenticity of the news of backing the ruble with gold. Maybe, just to change the mindset of other countries which are losing their trust to their government.

Perhaps reading Putin's intentions is too difficult since the Ukraine war broke out.  but i'm just looking at the existence of the russian economy, how the ruble will react to their dire conditions, at least they have had some positive results moving gas payments in dong  rubles, it pulls liquidity from Russia's local currency.  But this isn't going to last long, they look at a bitcoin-backed ruble mechanism / bitcoin legitimacy one that will happen soon I guess.  But bitcoin is stuck between Putin and the EU.  Lol

"Putin knew", "Putin assumed" - this is the biggest misconception! Since 2014, Putin has been living in a closed sphere filled with information fakes, with elements of mental masturbation
Let me explain - since 2014, for sure, and possibly earlier, Putin's corrupt entourage realized that he only needs to throw in the news only what he wants to hear, and you can continue to plunder budgets, without risk. Putin gets "moral ecstasy" after another news folder where Russia has defeated everyone, everyone is afraid of it, and they are already building a base on Mars. Let everything degrade in reality, but Putin will not go to all Syzran and check?! He is served beauty from TV, from folders and reports. He was also sure that the huge sums spent on bribing politicians in the EU and other administrations would not allow launching the mechanism of total sanctions and arms supplies to Ukraine. He was sure, but he got it wrong ... And now the problem begins, which in psychiatry is called "cognitive dissonance"! His most powerful army, the army of Ukraine, has been raped as it wants and will soon be driven out of the territory of Ukraine, the economy has collapsed, partners are turning away, sanctions are intensifying ... And on the way, the "great leader" also has senile dementia and Parkinson's disease ...

It's a wise strategy that might help rise the Ruble from the ground up. But getting access to gold reserves when sanctions are in place, is quite a difficult task to achieve. Maybe China will help Russia with this? Anyways, I think Russia should've thought about making its economy self-sustainable sooner. Now it's too late to do anything about it, as most countries stopped doing business with Russia.

Sometimes I wonder how long Putin will last with increasing pressure against him. Unless he acts quickly to help restore the economy, his regime won't last soon. We'll see how Russia's currency will perform by the end of the year as the US and the EU continue to tighten sanctions. Just my opinion

Russia and Venezuela are still in different weight categories. In the foreseeable future, gas prices do not show prerequisites for a decline, plus a protective barrier of gold protects the ruble from possible drawdowns from below. The price of the ruble has stabilized and returned to the level of early February, why should Russia abandon the national currency, which is controlled by the Central Bank? In terms of bitcoin mining, Russia is in the top 3 in the world, after the USA and Kazakhstan, although the position of the Central Bank of Russia is more likely to reject cryptocurrencies than vice versa. At the same time, Putin spoke out in favor of mining for the disposal of excess electricity and the development of IT.

The Russian economy as a whole is coping well with sanctions shocks, all life support systems are working normally, gasoline has not risen in price, there is food in stores. Coffee beans have noticeably risen in price, while for me this is the most significant change. So to directly "saving" while there seems to be nothing special.

Russia's corporate external debt is about $550 billion, all payments on it in favor of investors from unfriendly countries go through a government commission that issues to creditors a bearer promissory note for money blocked by the sanctions of the Central Bank of Russia in the amount of up to $300 billion. Yesterday, for the first time, payments on the state debt were made in rubles.

Gold backed Ruble could be a game changer and may not change anything because right from the beginning every fiat currency is once backed with gold before they are backed by the government. Meanwhile, fiat currency has been backed by gold or the government won't do anything if the government doesn't stop printing more ridiculous notes.

Venezuela based their economy on oil prices so it was almost as if their currency was pegged to oil. They mismanaged their economy and when oil prices crashed, so did the Venezuelan economy. If Russia were interested in stabilizing their currency, I suppose a gold standard would help, but it would make sense just to adopt a Bitcoin as a currency at that point and ditch ruble all together (I understand for obvious reasons why Russia would not do this, more of just a hypothetical).

Perhaps the discussion Russia should be having would be one geared towards saving their economy and not ruble.