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Avery Goodman: Buy gold but only for the right reasons

Section: Daily Dispatches

By Avery Goodman
Seeking Alpha, New York
Monday, April 4, 2022

The alternate financial “news,” such as Zerohedge, has recently been flooded with an increasing number of ridiculous articles that claim Russia has “profoundly altered the international trade and monetary system by linking the Russian ruble to gold.” 

According to this muddy thinking, Russia’s announcement that it will buy gold at 5000 rubles per gram puts “a floor under the price of gold and the ruble.” 

Simply put, it is a ridiculous claim that is easily refuted.

... Dispatch continues below ...


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Russia's willingness buy gold at 5,000 rubles per gram is irrelevant. It does absolutely nothing to tie the ruble to either gold or the U.S. dollar. 

If the ruble sinks back down to 150 rubles to the dollar, for example, Russia’s central bank offer will be to buy gold at half of gold's dollar price. How many people will sell gold to Russia's central bank under those circumstances? 

Only people who have a gun pointed at their heads. ...

... For the remainder of the analysis:

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