As one can see in the following chart provided by the National Inflation Association, Russia’s gold reserves have increased exponentially within the past few months:
Chart by National Inflation Association.
Traditionally, nations have had to posses a physical gold reserve equivalent to at least 40% of it’s monetary base to launch and maintain a gold standard. At it’s current level, Russia’s gold reserve can account for 47.43% of it’s monetary base, as another chart by the National Inflation Association reveals:
Chart by National Inflation Association.
Wonder what Putin could possibly be getting ready for with all that gold.
Source: National Inflation Association
Photo: Silver Doctors
It only hurts the dollar if he backs the Ruble on the world market with the gold. If he internalizes it, it only is good at home in Russia. The US should seriously consider internalizing our economy as we are the only country that can stand alone. Dig up enough oil to settle with our debtors and send them all away. Dollars would be meaningless abroad and the leeches would have to leave…
Well if oil was at $55 A barrel 8 months ago, what is it at Now? But by my simple math, to replace a 20 trillion debt by $55 barrels we’d need to sell 363,636,363,636.36 of oil… that’s 363 billion with a B, barrels to sell… good luck