I read that the Russian central bank is pay $1500 per oz for gold.
You need to read some more......
That was when the rouble was down in value
Ruble - Worthless
- Thread starter Golden ChipMunk
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You need to read some more......
That was when the rouble was down in value
You need to read some more......
That was when the rouble was down in value
Correct. As it notes on the vid I posted above - the maff says when USD/RUB is 80 we're roughly hitting parity (at current prices). Currently USD/RUB fx is 85.75 (says Google, so your results may vary) => $1814/toz.
I don't know what article you're referring to.
Have a look through the Russian central bank website, they have an English version, there is no mention of putting the Ruble on a gold standard.
TreasureHunter
Well-Known Member
Yep. Sounds like a street talk hype with no basis.
TreasureHunter
Well-Known Member
Then I don't understand the point you were trying to make about fake news and the WSJ article, which I'm still none the wiser about.
There is a news release apparently about buying gold at a set price in Rubles.
here it is:
https://www.cbr.ru/eng/press/pr/?file=25032022_183346ENG_DKP28032022_110644.htm
No mention of linking Ruble to gold, or relaunching it on a gold standard, or underground cities....
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Thanks a lot shiney..... now you have us going down another rabbit hole. https://marilynjwilliams.com/how-they-connect-wicked-secret-underground-cities/
Thanks a lot shiney..... now you have us going down another rabbit hole. https://marilynjwilliams.com/how-they-connect-wicked-secret-underground-cities/
Nice find. Comments are great, reads just like a conversation I'd have here
Your own linked article mate. The original WSJ article is, as you noted, behind paywall. So you helpfully pointed to a freebie site where the same WSJ article can be read.
https://www.wsj.com/articles/how-russias-central-bank-engineered-the-rubles-rebound-11648458200
https://businesshala.com/how-russias-central-bank-engineered-the-rubles-rebound/
Which, as I pointed out, does not mention e.g, the MIR system for their internal transactions - meaning your average Ivan earning 50-60k roubles (800-900 AUD), two litres of vodka and a sack of potatoes per month would not even notice the country has dropped out of SWIFT. They will still be buying piroshki and filling up their Lada with those roubles, just as before. The internal purchasing power is what matters to Ivan. Over 4/5 of the voters support Putin's war, for crying out loud.
This may take a long time to play out. Dismissing the strengthening of the rouble as "central bank manipulation" is lazily glossing over the situation. As long as Europe is energy dependent of Russia by up to a billion euros per day - and this may take many years to shake off - arrogance may be misplaced and costly.
.
Thanks for clarifying that. How is that fake news though?
I agree.
But that's precisely what's happened. They've sold assets to prop up the ruble, raised the interest rate and introduced capital restrictions.
Oh, maybe call it "selective newswriting" then - omitting the bits that would make it sound just that little bit less rosy for the west. Granted, it was published before the European countries capitulated and continued purchasing gas in roubles, just as Putin wanted.
Tough choices ahead. Western companies have left Russia before, and then quietly returned. Will they do the same? What will happen in the French election come Sunday - they have their own energy crunch unfolding there. Not good for business' bottom lines.
https://www.bloomberg.com/news/arti...ices-rise-to-13-year-high-on-monday-cold-snap
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I thought it was just stating the facts of what central banks do.
Here's an earlier post about SWIFT.
https://www.silverstackers.com/forums/index.php?threads/2020-collapse.93996/page-224#post-1236917
I didn't think that was going to happen.
You say potato, the Germans say Kartoffel..
"The German gas payments in euros would be converted into roubles by Russia’s Gazprombank, German media reported on Thursday, based on the government’s understanding of the process. The Kremlin’s decree is formulated in such a way as to allow authorised banks to convert foreign currency in the payment process, as long as customers sign up to new conditions that include the opening of a rouble account."
--
Chancellor Olaf Scholz and his government maintained Germany will continue to buy billions of dollars’ worth of natural gas and oil from Russia each week for the foreseeable future to keep German car companies and factories operating at full throttle, even though critics in Ukraine and the West argue that the $220 million Germany sends to Moscow every day for Russian energy is being used, at least indirectly, to finance its war against Ukraine.
“We are pursuing a strategy that will make us independent of Russian gas, coal and oil, but just not right away,” Robert Habeck, Germany’s Economy and Energy minister, said Sunday evening in an interview on German television. Two hours later, the leader of Scholz’s Social Democrat party amplified the sentiment.
“An immediate embargo of Russian natural gas would be the wrong way to go,” Lars Klingbeil told another German TV talk show.
https://www.latimes.com/world-natio...cism-over-its-purchase-of-russian-natural-gas
So Germany opens a Ruble denominated account at Gazprombank, then pays Russia for gas in Euro, then the bank converts the Euro to Rubles, credits the German account which then sends a payment off to the gas suppliers? I'm struggling to identify any real material change from what probably occurred previously. Euros still appear to be changing hands, there's just another wheel in the cog.
Presumably Gazprombank will then hold the Euro as an asset on the books at the central bank or the Bank of Russia just does a currency swap and then spends the Euros on the FX market buying up more Rubles to prop up the national currency.
(Caveat: Assuming Popov isn't telling a furfie). How is the US buying Russian Oil? In US$ In Rouble? In Euro? Maybe Biden meets Putin at the back of a Macdonalds in Alaska each day and swaps some of his stack for Russian oil? https://www.bignewsnetwork.com/news...l-imports-from-russia-by-43--russian-official
TreasureHunter
Well-Known Member
^
I'm afraid we'll go through something similar.
But people who think that crypto can save them are living in illusions: they cut you off from the internet, an EMP attack comes - then what?
From what I've heard, Russia is working on creating its own "internal internet". I wonder if blockchain makes any sense in this situation, since the wallets would be unable to synchronize with the rest of the world. I guess owning Bitcoin there is slowly becoming senseless.
Of, I ask myself: whether the Russians' crypto wallets synchronize with each other only, can that work for them? If so, then a parallel Bitcoin-space will be created, one that has nothing to do with the rest (cut-off)...
I'm afraid we'll go through something similar.
But people who think that crypto can save them are living in illusions: they cut you off from the internet, an EMP attack comes - then what?
From what I've heard, Russia is working on creating its own "internal internet". I wonder if blockchain makes any sense in this situation, since the wallets would be unable to synchronize with the rest of the world. I guess owning Bitcoin there is slowly becoming senseless.
Of, I ask myself: whether the Russians' crypto wallets synchronize with each other only, can that work for them? If so, then a parallel Bitcoin-space will be created, one that has nothing to do with the rest (cut-off)...
Do you reckon that's fake news?