Russia sets fixed price for gold - 5000 rubles (~$52) per gram, for the next 3 months

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tehpope

tehpope

Come, fly the teeth of the wind. Share my wings.
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kiwifarms.net
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Apr 21, 2013

a more sensationlized source: https://halturnerradioshow.com/inde...unced-ruble-bond-to-gold-5000-rubles-per-gram

(Kitco News) Russia's central bank resumed its gold purchases from local banks on Monday, but it set a fixed price on the precious metal.

Starting this week, the Russian central bank will pay a fixed price of 5,000 roubles ($52) per gram between March 28 and June 30, the bank said on Friday. This is below the current market value of around $68.

The central bank added that the resumption in buying will ensure supply and uninterrupted production of local gold.

Two weeks ago, Russia's central bank announced that it was halting its official gold purchases from local banks due to a surge in demand from regular consumers.

This is because Russians went on a gold buying spree in March to protect their savings as the ruble collapsed. Major banks in Russia reported a rush of consumers investing in bullion and coins.
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This is so strange from an American perspective. The central bank stopped buying gold so ordinary people could buy it to protect their savings? Like, the central bank's priority is helping the people of the country instead of jewing them out of everything they've worked for so Pfizer and Black rock can get even richer? What kind of madness is this?
 
Seems like I've heard about something like this before :thinking:
Edit: actually I read that backwards. Nevermind.
 
ronpaul.gif
 
War between two nuclear super powers seems immanent. The citizens of one superpower head to the banks to acquire gold. The other superpower doesn't even have gold at the banks. Their citizens head to Twitter to collect dopamine.
 
This was already foreseen since that's how they want people to buy their oil and gas. They want you to pay it with rubles and the only way to trade for that is with gold, basically artificially inflating the price of the ruble. If you weren't buying gold already you're shit out of luck until this is over or Putin is dead. Personally, it's a good strategy and yet again the West fucks up just like when China became more dominant when it came to stocks and trade back in 2020.
 
Fixed price buying is flirting with a gold standard. The real test will come when the floating price drops below the fixed price.

Also, funny how the regulators can move quickly when something threatens their precious rigged monetary system.

Last week, the U.S. Treasury banned all gold transactions with Russia's central bank.

"U.S. persons are prohibited from engaging in any transaction -- including gold-related transactions -- involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation or the Ministry of Finance of the Russian Federation," the Treasury said on its website
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Russia is also considering accepting Bitcoin for its oil and gas exports and being more flexible in general regarding payment options with "friendly" countries.
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Maybe time to buy a little bitcoin just incase anything backed by the dollar hyperinflates?
 
It's rotten enough for a Central Bank to profit from its people what with rampant inflation, but at least they're not grabbing it like FDR did (with an allowance of 5 troy ounces and for artists and jewellers). RF has gold mines yielding c 300 tons a year, which won't be easily saleable for a while. I suppose they funds for the shooty stuff in Ukraine or a new yot.
 
A quite dumb move.

For appreciation of rubles, they fix the gold price for 3 months but after that period gold will be valued higher than ruble on the day that was bought (monthly inflation). In other words, it is better to keep gold for 3 next months to buy more rubles for that. Moreover, information that state is fixing the value of gold for consecutive several months in free market economy is like welcoming speculators to buy gold for even higher price that is right now declared by state.

If RF is in urge of maintaining value of ruble the easiest, effortless mean is to increase taxes. More money in state means more investments in infrastructure (which is bad in Russia) thus investing in companies that hire and buy materials for asked works. To maintain supplies in economy, imply quotas and if company exceed fixed number of quotas, it must pay bigger taxes.

Russians as always do things unordinary. This will fuck them hard.
 
RustedPeacock said:
A quite dumb move.

For appreciation of rubles, they fix the gold price for 3 months but after that period gold will be valued higher than ruble on the day that was bought (monthly inflation). In other words, it is better to keep gold for 3 next months to buy more rubles for that. Moreover, information that state is fixing the value of gold for consecutive several months in free market economy is like welcoming speculators to buy gold for even higher price that is right now declared by state.

If RF is in urge of maintaining value of ruble the easiest, effortless mean is to increase taxes. More money in state means more investments in infrastructure (which is bad in Russia) thus investing in companies that hire and buy materials for asked works. To maintain supplies in economy, imply quotas and if company exceed fixed number of quotas, it must pay bigger taxes.

Russians as always do things unordinary. This will fuck them hard.
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Instead of setting a fixed price they should just manipulate the price through the use of futures contracts representing 200x++ the actual precious metals in existence.
 
Krokodil Overdose said:
This is so strange from an American perspective. The central bank stopped buying gold so ordinary people could buy it to protect their savings? Like, the central bank's priority is helping the people of the country instead of jewing them out of everything they've worked for so Pfizer and Black rock can get even richer? What kind of madness is this?
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The dollar is backed by the FULL FAITH AND POWER of the US Government, which, might I remind you, is Our Democracy™️! Are you saying you trust gold, which came out of the ground, possibly Russian ground, over Our Democracy™️?
 
Un Platano said:
The truth is that all money is fake and gay, and yes that includes gold too.
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Money is just a representation of the ability to gain access to goods and services, the primary difference between gold and fiat is that one batch of retards doesn't have full control of it as it's controlled by many batches of retards. There will always be gamification of it but at least there may be some realistic representation of reality if it can't just be printed into oblivion.
 
Cup Noodle said:
War between two nuclear super powers seems immanent. The citizens of one superpower head to the banks to acquire gold. The other superpower doesn't even have gold at the banks. Their citizens head to Twitter to collect dopamine.
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Want to talk about real irony? There is another, arguably more significant, stockpile you do not hear as much about at Ft. Knox. The U.S. maintains the single largest stockpile of opiates/opioids in the world. IIRC it's on the order of more than every other country combined. I am too tired and high but pretend I finished with a witty line about the opiate of the masses.
 
BelUwUga said:
Want to talk about real irony? There is another, arguably more significant, stockpile you do not hear as much about at Ft. Knox. The U.S. maintains the single largest stockpile of opiates/opioids in the world. IIRC it's on the order of more than every other country combined. I am too tired and high but pretend I finished with a witty line about the opiate of the masses.
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Ironic that what killed Floyd will kill the value of the opiate reserves of the USA as well.
 
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