A cautionary tale
This is not necessarily bad policy. The central bank is essentially bailing out the Russian gold mines by purchasing gold now that they can't export their metal. They'll live lean for a while, but if the sanctions regime is ever lifted or circumvented, they will have lived to trade another day.
The problem with the 5d "russophile" approach of never admitting things are bad for Russia or that the RF makes mistakes is that everything must be spun as part of a grand design, even if it's the best policy Moscow can take under bad circumstances.
I would like to make some points> 1) Elvira Nabiullina is an evil central banker.
2) Russians citizens are allowed to buy gold now. I plan to visit Russian banks on my vacation and ask lots of questions to find out if that is true.
3) Most (if not all) Russian gold mines were privatized during Russian Federation's great reset in 1992/1993. Either owned by a Russian oligarch or foreign corporation. I do NOT think the RF owns a nationalized gold mine. IF RF owns a gold mine, then please provide factual evidence.
4) Since these gold mines are owned and operated by oligarchs and foreign entities, gold (looted from Russia) can still be sold either overtly or covertly. Switzerland reportedly bought gold from Russia in May. Source>RT via Bloomberg > https://www.rt.com/business/557557-switzerland-buys-russian-gold/
5) VEB.RF analysts suggest that Russia should create a gold-backed DIGITAL stablecoin under the working title ‘golden ruble’. According to "their" research, Western countries will have NO opportunity to block operations carried out in such a currency, since its exchange rate will be pegged to the gold rate on the world market, NOT to the dollar, NOT to the euro or, for that matter, the fiat ruble itself. Gold backing would ensure the Ruble currency’s immunity to sanctions, and the ‘DIGITAL golden ruble’ could be used freely in external transactions, including those between third countries without the participation of Russia. Source> https://www.rt.com/business/557611-russia-golden-ruble-sanctions/
One final note> Please correct me if I am wrong. Riley is the expert on Russia. I only give my opinions and look at the preponderance of evidence via sources. And who really knows about the secret handshakes and backroom deals except that everyday citizens are LAST in the checkout/cashout line.
The Ruble remains un-pegged to gold (not remotely that i'm a gold hound, the problem with the global economic system is money itself, not its form), and it remains on a trajectory to become digital, just like all other currencies. If you're looking for alternative futures, don't look to the Kremlin, no more than to Washington DC, London, Beijing, ....
What’s really going on with Russia and Ukraine? Correct me if I am wrong with details please. Russia and Ukraine are working with the Klaus Schwab types to bring about the next phase of the Great Reset. I say this because I do not believe the narrative of any of this going back to 2014 and the coup. I believe it was all orchestrated to bring about what we were seeing today with Covid in mind as well. If you would like to please convince me otherwise.
Hey Riley, take a look at this: https://www.gazeta.ru/social/news/2022/06/23/17991650.shtml
Good article Riley, will be linking tomorrow @https://nothingnewunderthesun2016.com/
"Why no poll about receiving salaries in gold-pegged rubles? Weird."
hahahahahhaha, that made my day Riley! thank you :)