/biz/ - Business & Finance

>>50946428
Putting aside the "absolutely everything is part of a global conspiracy" theory, we can explain easily why Russia would want to do this. It has a third world economy and a hot proxy war with the USA. It is in severe financial straits. But it has a significant amount of gold and is close to the top of world gold producers. It is very much in Russia's interest to have international gold prices go up. By breaking the western spoof market, it can do just that. And eventually it can join in a gold-backed BRICS trade currency.

China is in a similar situation but for different reasons. China's bubble economy is bursting and its authoritarian government is facing increasing dissent. It is struggling to keep the lid on and is sliding back into Mao-era levels of economic deprivation and socialist mind-control. But taking the people from abject poverty to slightly less abject poverty, as Mao did, was much easier than taking a relatively prosperous people back into abject poverty and making them accept it. But China has substantial gold reserves and is the world's biggest producer. Many problems can be solved by throwing hard money at them. So China as much as Russia would like to see the international price of gold go up. You can expect them to join in this endeavor. And the rest of the BRICS will follow.

This all means at least two things are likely: the price of gold will go up and the USA will fight it tooth and nail. So make sure your gold is not within easy reach of some kind of gold ban.

>>50554143
It is FAR more likely they will back their new currency with gold than with USDs.

>>49870054
Ugh. The labor theory of value again. How many times does this have to be refuted?

>>49272208
The sign of a skillful derailment.