Posted on 11/01/2022 5:58:21 PM PDT by bitt
China in July purchased 80.1 tons of gold valued at $4.6 billion
China and Russia may be working toward a new gold-backed currency in a move that would aim to dethrone the dollar as the primary reserve currency of the world, but any such currency would unlikely achieve that goal.
"The USD remains the safest, most convenient and most widely used currency in Asia and in the world today," Min-Hua Chiang, a research fellow and economist at the Heritage Foundation’s Asian Studies Center, told FOX Business. "No other currency (backed by gold or otherwise) is comparable, and that is unlikely to change in the near future."
Neither country has officially confirmed plans for such a currency, but China earlier this year started to buy up huge quantities of gold at the same time that Russia was forced off the dollar due to sanctions in response to the invasion of Ukraine. The war also led to the steepest discount on gold prices in years.
Some experts caution that these moves, along with the closer relationship that has developed between Moscow and Beijing as the rest of the world has isolated Russia after the invasion, point to the likelihood of China attempting to launch a new currency with gold backing it.
THE STRONGEST US DOLLAR IN 20 YEARS IS A DOUBLE-EDGED SWORD
The idea of a joint Russo-Sino currency has periodically surfaced over the past decade, especially after the Russian Central Bank opened its first overseas office in Beijing in 2017.
(Excerpt) Read more at foxbusiness.com ...
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The quotes should be around “experts” not “safest’
Exactly what they said in 1929, as Weimar Germany was preparing to rest its economic recovery on a gold-backed Deutschmark.
The problem with “BRICS” is the same one OPEC or the EU had ... too many squabbling members with different agendas
the US is one country, with one federal government, one monetary policy
“BRICS” would have many ... that’s a recipe for failure
China announced developing gold backed digital currency a few years back. They have already tested the cashless digital, it will premiere in about a year. They have been buying metric tons of gold for a decade.
They are moving to real money. We are moving to unpayable debt and fiat fake currency.
“We are moving to unpayable debt...”
We’re already past that point.
Well, she had a point...that was until the Dollar was WEAPONIZED. Now it’s no better than any other currency, so why not go with the real thing, a currency backed by gold?
Well, unless the DC neocons or Ursula von der Pirate decide to run up the Jolly Roger and keelhaul your foreign US dollars reserves...
Go for it.
Your trust in China’s policy of manipulating their currency is interesting.
Does anybody believe that Russia or China would actually back their currency with gold? That’s the whole point of gold-backed currency.
Gold and silver just isn’t enough. They need to be shored up with other reserves, of which there is a long list. This is why there needs to be *two* currencies. One backed by gold, silver, copper, steel, tin, zinc, and maybe one or two others.
And the other currencies being backed by the much more expensive metals, for large transactions between governments and businesses.
Aluminum - $2,224.76 per metric ton
Cobalt - $33,000.00 per metric
Copper - $7,746.01 per metric ton
Gold - $1,774.70 per troy oz.
Iridium - $6,100.00 per troy oz.
Iron - $100.84 per metric ton
Lead - $2,274.50 per metric ton
Molybdenum - $26,000.00 per metric ton
Nickel - $22,773.97 per metric ton
Palladium - $2,697.00 per troy oz.
Platinum - $852.90 per troy oz.
Rhodium - $20,250.00 per troy oz.
Ruthenium - $750.00 per troy oz.
Silver - $25.84 per troy oz.
Tin - $21,124.04 per metric ton
Zinc - $3,124.97 per metric ton
I can hear Alex laughing 😂
not even precious metals
wE lOvE oUr FiAt! YeS wE dO!
FiAt Is GrEaT!
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