The U.S. dollar can expect to take a pounding if Russian President Vladimir Putin carries out what appears to be a conversion of Russian currency to a gold-based standard.
Just this past September, Russia added another 1.1 million ounces of gold to it’s reserves, increasing the total amount of gold it possesses to a whopping 43.5 million ounces.
This theory is given even more credence by the fact that the massive country has added a combined total of 2.51 million ounces of gold to it’s holdings, marking the biggest gold reserve increase within a three-month timeframe in Russian history.
Check out the next page to see the increase in Russian gold reserves for yourself:
I agree…but you can send me you wallet toilet paper if you dont need it
Russia has more gold than you think Stan
Not nearly enough, Mark. And gold prices are not depressed. It is a commodity prices valued at mark to market, following years of artificial manipulation. Its price is stabilized, not depressed.
Regardless, neither Russia nor China are in any position to introduce a gold standard.
We don’t hold$#%&!@* there is no gold in Fort Knox and what currency we did have the corrupt government has taken !!!!!!!1
What’s going to happen?
There’s been a lot of discussion that because of the debt American is in, our “making money” and for moving away from being back by gold, and the devaluation of the dollar that we’d lose being the standard for currency world wide. If this happens, the value of the dollar will drop dramatically, and I do mean dramatically. If Putin pulls off his plan, we are SCREWED and Russia becomes the new world financial leader and will be the ones who set the value of the money world wide.
Here is yet another area where Obama has SCREWED America, and why we need someone with business savviness like Trump for at least the next 4 years to fix all of this c**p, c**p that is way over a politicians head!
yeees
Gold will hover around its current price, rising as other capital markets slip (stock market, bond market, money market, etc.), and falling as those markets show improvement. I expect to see gold down around $1k by end of 2016.
In the meantime, Russia has a very tough time ahead funding its Syrian efforts as well as its expansion into eastern Europe. China will still manipulate the Yuan to prevent a collapse of its stock market. Both countries are battling a loss in investor confidence. To further exacerbate the global slide, the EU is straining to hold itself together as Sweden, Denmark and Poland are refusing to honor EU edicts. Poland has gone so far to take down all EU flags and revert to the Zloty, it’s own currency, rather than the €. If the EU falls apart, I smell global economic disaster. Our only hope it to restore common sense measures to pay down our debt, restore productivity, increase jobs, and let the rest of the world worry about itself.
In my humble opinion only.
The operative words are {used to be}.