Even though it's still too premature to predict how the US dollar will fare during this economic shift, it is almost certain that it will emerge weaker and less dominant than before. This comes as a result of the gold backed ruble which is the new paradigm shift for the global economy.
The Bank of Russia resumed gold acquisitions this week, but even more significantly, between March 28 and June 30, the regulator will do this at a set price of 5,000 rubles ($59) per 1 gram, increasing the prospect of Russia reverting to the golden standard for perhaps the first time in almost a century.
If the country adopts the next measure, as suggested this week, of selling its ruble-denominated commodities, the ruble, the US dollar, and the world economy might be severely impacted, reports Russia Today.
The media chatted with Ronan Manly, a rare metals expert at BullionStar Singapore, to obtain some insight.
Why is setting a fixed price for gold in rubles significant?
The Ba...
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