/ world today news/ How likely is Russia’s return to the “gold standard”, that is, the tying of the ruble to gold? Discussions on this topic are quite active. However, there is great skepticism that such an option is possible in modern conditions. And here’s why.
Alexey Vyazovsky, vice president of the Golden Mint House, believes that today the Russian ruble is not fully backed by gold reserves.
„If we take the so-called monetary aggregate M3 (debts of the Central Bank + debts of credit organizations + debts of the government in the form of loans for securities) and divide it into 2300 tons of gold in the form of bars that are in the vault of the Bank of Russia, it turns out that one gram of the 999th sample should cost about 28 thousand rubles… But, as you know, until June 30, the Central Bank buys gold at a fixed price of five thousand rubles per gram,” noted the expert.
Therefore, if you introduce the possibility of free exchange of rubles for gold (on this same “gold standard”), then the reserves of gold in the reserves of the Central Bank should be four to five times larger, notes “Moscow Komsomolets”.
There is one more nuance: according to Vyazovsky, now the gold storage format is in 12 kilogram bars. But to solve users’ problems, much lighter blocks are needed. In addition, investment coins are needed, which in Russia are minted from four to five tons per year, and the “gold standard” requires several hundred tons, or even better – several thousand.
Therefore, to implement the idea of a “gold standard” will require a lot of work. But as Alexei Vyazovsky emphasizes, if trade in raw materials (energy, metals, grain) for rubles is introduced everywhere, then the need for a “gold standard” will disappear completely.
The first vice president of “Opóry России” Pavel Sigal is also skeptical about the idea of a “gold standard”.
In his opinion, a partial connection with goods is possible for some transactions, but one can hardly talk about a complete return to the previous financial system.
In practice, attachment to gold helps in dealing with inflationary processes, noted Pavel Sigal in a comment to the Prime agency.
“On the other hand, in addition to protection against inflation, the “gold standard” opens the way for rapid devaluations and revaluations of currencies. It is this that forced the world community to completely change the system around the middle of the last century. This is due to the processes of separating currencies from the exchange rate of gold and security currencies’ noted the expert.
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