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Russia says gold is worth $1600/oz

cohodkcohodk Posts: 18,512 ✭✭✭✭✭
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  • MartinMartin Posts: 807 ✭✭✭✭✭

    Are they selling it for that?

    Martin

  • LukeMarshallLukeMarshall Posts: 1,883 ✭✭✭✭✭

    I read that If any "unfriendlies" want russian oil or gas, they will have to pay for it with Gold or Roubles

    Depreciated Gold, or Inflated Roubles

    It's all about what the people want...

  • taxmadtaxmad Posts: 960 ✭✭✭✭

    @Martin said:
    Are they selling it for that?

    Martin

    No, according to the article that is the price they will pay - in roubles.

  • derrybderryb Posts: 36,033 ✭✭✭✭✭
    edited March 30, 2022 5:55AM

    Russia says gold is worth 5,000 rubles/oz. They don't want your dollars.

    Buying low and selling high is the smart thing to do. Dumb commies. lol

    The decline from democracy to tyranny is both a natural and inevitable one.

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    I wonder how much gold they will get at that price. Certainly none of mine. That is approximately $500/oz. below market. Cheers, RickO

  • cohodkcohodk Posts: 18,512 ✭✭✭✭✭

    Knew it would be discounted.

    Is this counterparty risk?> @derryb said:

    Russia says gold is worth 5,000 rubles/oz. They don't want your dollars.

    Buying low and selling high is the smart thing to do. Dumb commies. lol

    And nobody wants their rubles. Dumb rest of the world.

    They should be buying foodstuffs and medicines for their people, not gold. Yup, dumb commies.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • derrybderryb Posts: 36,033 ✭✭✭✭✭

    @cohodk said:
    Knew it would be discounted.

    Is this counterparty risk?> @derryb said:

    Russia says gold is worth 5,000 rubles/oz. They don't want your dollars.

    Buying low and selling high is the smart thing to do. Dumb commies. lol

    And nobody wants their rubles. Dumb rest of the world.

    Looks like europe is gonna have to dump petrodollars and replace them with rubles.

    Appears most of europe is gonna want their rubles. Smart commies.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • cohodkcohodk Posts: 18,512 ✭✭✭✭✭

    @derryb said:

    @cohodk said:
    Knew it would be discounted.

    Is this counterparty risk?> @derryb said:

    Russia says gold is worth 5,000 rubles/oz. They don't want your dollars.

    Buying low and selling high is the smart thing to do. Dumb commies. lol

    And nobody wants their rubles. Dumb rest of the world.

    Looks like europe is gonna have to dump petrodollars and replace them with rubles.

    Appears most of europe is gonna want their rubles. Smart commies.

    Very wishful thinking on the part of your guy.

    Your guy has suddenly hecome the biggest proponent of alternative energy. Oh, the irony. Lol

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • So, Let's just say you were going to be able to buy Russian gold. What is the form, shape of gold they are selling? 1oz coin or bar. 10oz, 100oz, 1gram, 1 kilo? What size are they keeping in there vaults? .999? lead bar gold plated? 98% 90%

  • bronco2078bronco2078 Posts: 9,961 ✭✭✭✭✭

    1950 called senator Mccarthy , They aren't commies . ;)

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,760 ✭✭✭✭✭

    They're competion for them "We Buy Gold " places peppered across America. Pawn shops pay a little higher, in surrounding towns. They could beat their weapons into plowshares and trade wheat for gold. Silly operators.

  • derrybderryb Posts: 36,033 ✭✭✭✭✭
    edited March 31, 2022 3:44AM

    It's not the war nor the pandemic that is destroying economies, it is and always has been debt.

    "But gold does speak in value, and it’s getting the last laugh on the currencies now weakening in our wallets and the debt-drunk leaders now squawking in our headlines."

    The decline from democracy to tyranny is both a natural and inevitable one.

  • taxmadtaxmad Posts: 960 ✭✭✭✭

    3 days later, the headline should be changed to $1863 due to gains in the rouble/usd exchange rate. Less than a 4% discount to spot

  • streeterstreeter Posts: 4,312 ✭✭✭✭✭

    There's plenty of fiat around so that no seller has to accept a discount in any form.

    As a matter of my observation, in the last 6 months, the supply of nice generic pre 33 graded gold has drastically dwindled. And you better be quick when it's offered publicly.

    Have a nice day
  • jmski52jmski52 Posts: 22,271 ✭✭✭✭✭

    Nobody has to buy rubles..........................but they will................

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • cohodkcohodk Posts: 18,512 ✭✭✭✭✭

    @derryb said:
    Unlike you, I don't have a guy. I have a wife.

    And thats exactly what she told me.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • derrybderryb Posts: 36,033 ✭✭✭✭✭

    rouble gaining strength. appears someone knows what they are doing. lol

    The decline from democracy to tyranny is both a natural and inevitable one.

  • bronco2078bronco2078 Posts: 9,961 ✭✭✭✭✭

    RUSSIA RUSSIA RUSSIA

    but please , someone tweet me when its time to duck and cover

  • cohodkcohodk Posts: 18,512 ✭✭✭✭✭

    @derryb said:
    rouble gaining strength. appears someone knows what they are doing. lol

    If it can go up another 15% it will be back to where it was 6 months ago. Lol

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • derrybderryb Posts: 36,033 ✭✭✭✭✭
    edited March 31, 2022 2:39PM

    Unlike when the US invades a country (yes, the US also invades countries) and the dollar goes down:

    The decline from democracy to tyranny is both a natural and inevitable one.

  • taxmadtaxmad Posts: 960 ✭✭✭✭

    @cohodk said:

    @derryb said:
    rouble gaining strength. appears someone knows what they are doing. lol

    If it can go up another 15% it will be back to where it was 6 months ago. Lol

    and yet the countries slapping it with unprecedented sanctions are paying more for everything. Boy we showed them, didn't we!

  • cohodkcohodk Posts: 18,512 ✭✭✭✭✭

    Ruble is down 66% vs dollar in last 10 years and 90% over last 20.

    Keep waving those pom poms fellow travellers.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • taxmadtaxmad Posts: 960 ✭✭✭✭

    @cohodk said:
    Ruble is down 66% vs dollar in last 10 years and 90% over last 20.

    Keep waving those pom poms fellow travellers.

    and yet Russia is a net exporter - and now buyers of their gas and oil are going to pay in roubles. Russia has been sanctioned since the 1950's and they can handle anything this addled dotard can come up with...

  • derrybderryb Posts: 36,033 ✭✭✭✭✭
    edited April 2, 2022 4:50PM

    @taxmad said:

    @cohodk said:
    Ruble is down 66% vs dollar in last 10 years and 90% over last 20.

    Keep waving those pom poms fellow travellers.

    and yet Russia is a net exporter - and now buyers of their gas and oil are going to pay in roubles. Russia has been sanctioned since the 1950's and they can handle anything this addled dotard can come up with...

    While American consumers get thrown under the bus by their leaders. waving the flag is not gonna make your gas or your food any cheaper.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • bronco2078bronco2078 Posts: 9,961 ✭✭✭✭✭

    Yes its super patriotic to pay more for stuff. everyone needs to be more patriotic , if it will help some random country in Asia or Europe I'll pay 10 dollars a gallon . Surely they would do the same for me? :D

  • rcmb3220rcmb3220 Posts: 1,108 ✭✭✭✭

    @derryb said:
    Unlike when the US invades a country (yes, the US also invades countries) and the dollar goes down:

    Congrats, Vlad! I think?

  • jmski52jmski52 Posts: 22,271 ✭✭✭✭✭

    Ruble is down 66% vs dollar in last 10 years and 90% over last 20.

    Looks like the Euro is going to get crushed.

    Keep waving those pom poms fellow travellers.

    Here we go again. More derision.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • derrybderryb Posts: 36,033 ✭✭✭✭✭
    edited April 1, 2022 2:56PM

    Russia is saying gold is money ("your gold for our oil"). Russia, thanks to sanctions, is resetting the economic landscape and is leading the way (other countries will follow as they lose trust in foreign currencies) with "you want our goods? We want your commodities in exchange." The reset will destroy international use/demand for fiat currencies, particularly between East and West trading partners. Commodities will see rapid inflation as they become the new international money. Commodities that are vital to your survival will cost you much, much more. Fresh food, especially vegetables will become a delicacy. Economic war creates its own casualties.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • derrybderryb Posts: 36,033 ✭✭✭✭✭

    @Higashiyama said:
    When it comes to global finance, regardless of how much land mass they control or how many nuclear weapons they possess, it seems unlikely that a country with a GDP half that of California is going to reset anything.

    Yet a small player on the big stage suddenly weakens the petrodollar's dominance. Expect sanctions to create a paradigm shift in regards to fiat currencies.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • cohodkcohodk Posts: 18,512 ✭✭✭✭✭
    edited April 2, 2022 4:00AM

    .

    @derryb said:

    @Higashiyama said:
    When it comes to global finance, regardless of how much land mass they control or how many nuclear weapons they possess, it seems unlikely that a country with a GDP half that of California is going to reset anything.

    Yet a small player on the big stage suddenly weakens the petrodollar's dominance. Expect sanctions to create a paradigm shift in regards to fiat currencies.

    The dollar hasnt been weakend at all, but please quantify your comment.

    To your point about vital commodities.....the USA has enough energy, water, crop land, timber land, fisheries, ect to provide for everyone in its borders. We dont need anything from anyone....so you actually think the dollar would be destroyed?

    We have 30 million beef cattle, 10 million dairy cows, 500 million chickens, 200 million turkeys.

    We have 900 million acres of farmland (more than the entire landmass of all but 8 countries) and 500 million acres (would be 12th largest country) of timberland. Twenty percent of the worlds fresh water. We have the best overall education system and one of the largest workforces on the planet.

    We also have massive amounts of rare earth minerals...4th largest deposit of lithium and #2 in overall production. We could easily be #1 if we abandoned environmental restrictions.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • derrybderryb Posts: 36,033 ✭✭✭✭✭
    edited April 2, 2022 6:15AM

    @cohodk said:
    We dont need anything from anyone....so you actually think the dollar would be destroyed?

    Yet international supply chain issues drive up our prices and create shortages. Again, flag waiving will not put food on your table or gas in your truck.

    Dollar is being destroyed, have you priced a new made in China flag lately?

    The decline from democracy to tyranny is both a natural and inevitable one.

  • bronco2078bronco2078 Posts: 9,961 ✭✭✭✭✭

    @cohodk said:
    .

    @derryb said:

    @Higashiyama said:
    When it comes to global finance, regardless of how much land mass they control or how many nuclear weapons they possess, it seems unlikely that a country with a GDP half that of California is going to reset anything.

    Yet a small player on the big stage suddenly weakens the petrodollar's dominance. Expect sanctions to create a paradigm shift in regards to fiat currencies.

    The dollar hasnt been weakend at all, but please quantify your comment.

    To your point about vital commodities.....the USA has enough energy, water, crop land, timber land, fisheries, ect to provide for everyone in its borders. We dont need anything from anyone....so you actually think the dollar would be destroyed?

    We have 30 million beef cattle, 10 million dairy cows, 500 million chickens, 200 million turkeys.

    We have 900 million acres of farmland (more than the entire landmass of all but 8 countries) and 500 million acres (would be 12th largest country) of timberland. Twenty percent of the worlds fresh water. We have the best overall education system and one of the largest workforces on the planet.

    We also have massive amounts of rare earth minerals...4th largest deposit of lithium and #2 in overall production. We could easily be #1 if we abandoned environmental restrictions.

    a> @cohodk said:

    .

    @derryb said:

    @Higashiyama said:
    When it comes to global finance, regardless of how much land mass they control or how many nuclear weapons they possess, it seems unlikely that a country with a GDP half that of California is going to reset anything.

    Yet a small player on the big stage suddenly weakens the petrodollar's dominance. Expect sanctions to create a paradigm shift in regards to fiat currencies.

    The dollar hasnt been weakend at all, but please quantify your comment.

    To your point about vital commodities.....the USA has enough energy, water, crop land, timber land, fisheries, ect to provide for everyone in its borders. We dont need anything from anyone....so you actually think the dollar would be destroyed?

    We have 30 million beef cattle, 10 million dairy cows, 500 million chickens, 200 million turkeys.

    We have 900 million acres of farmland (more than the entire landmass of all but 8 countries) and 500 million acres (would be 12th largest country) of timberland. Twenty percent of the worlds fresh water. We have the best overall education system and one of the largest workforces on the planet.

    We also have massive amounts of rare earth minerals...4th largest deposit of lithium and #2 in overall production. We could easily be #1 if we abandoned environmental restrictions.

    and 80 million plus useless eater types that are glued to their phone 19 hours a day who don't pay any taxes or produce anything

  • blitzdudeblitzdude Posts: 5,301 ✭✭✭✭✭

    @cohodk said:
    .

    @derryb said:

    @Higashiyama said:
    When it comes to global finance, regardless of how much land mass they control or how many nuclear weapons they possess, it seems unlikely that a country with a GDP half that of California is going to reset anything.

    Yet a small player on the big stage suddenly weakens the petrodollar's dominance. Expect sanctions to create a paradigm shift in regards to fiat currencies.

    The dollar hasnt been weakend at all, but please quantify your comment.

    To your point about vital commodities.....the USA has enough energy, water, crop land, timber land, fisheries, ect to provide for everyone in its borders. We dont need anything from anyone....so you actually think the dollar would be destroyed?

    We have 30 million beef cattle, 10 million dairy cows, 500 million chickens, 200 million turkeys.

    We have 900 million acres of farmland (more than the entire landmass of all but 8 countries) and 500 million acres (would be 12th largest country) of timberland. Twenty percent of the worlds fresh water. We have the best overall education system and one of the largest workforces on the planet.

    We also have massive amounts of rare earth minerals...4th largest deposit of lithium and #2 in overall production. We could easily be #1 if we abandoned environmental restrictions.

    God bless America. Semper Fi!

    The whole worlds off its rocker, buy Gold™.

  • derrybderryb Posts: 36,033 ✭✭✭✭✭
    edited April 2, 2022 7:17AM

    shrinkflation:

    The decline from democracy to tyranny is both a natural and inevitable one.

  • cohodkcohodk Posts: 18,512 ✭✭✭✭✭

    @derryb said:

    @cohodk said:
    We dont need anything from anyone....so you actually think the dollar would be destroyed?

    Yet international supply chain issues drive up our prices and create shortages. Again, flag waiving will not put food on your table or gas in your truck.

    Dollar is being destroyed, have you priced a new made in China flag lately?

    Lol....we dont need anything, but we made a decision to source cheap labor and allow other countries to destroy their own environment.

    If the SHTF as you so suggest, all production would shift back to the USA.

    I think everyone knows the flag I fly, as they do you

    Why you hate on America and only see bad while promoting the likes of dictators and autocracies is beyond me.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • derrybderryb Posts: 36,033 ✭✭✭✭✭
    edited April 2, 2022 4:47PM

    LOL. Why don't you give up everything you own that was either imported or dependent on something being imported. For those like you it appears the only way one will understand just how dependent they are on imported goods.

    According to you one must "toe the line" to be patriotic. Pure BS. Like I've told you before, I have defended this country under enemy fire - only until you have done so will I consider you qualified to discuss patriotism at all. Arm chair patriots have not earned the right to tell others how to wave the flag.

    Speaking out on the mismanagement of one's currency on which his livelihood depends does not make one un-American. Our founding fathers who put everything on the line by speaking out would likely call you a coward. You are just another "Wokee" who wishes to ban/persecute others who do not agree with the thoughts someone else has formed for you. Learn to tolerate and even respect differing opinion without resorting to name calling. It shows your immaturity.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • derrybderryb Posts: 36,033 ✭✭✭✭✭

    @cohodk said:
    .

    @derryb said:

    @Higashiyama said:
    When it comes to global finance, regardless of how much land mass they control or how many nuclear weapons they possess, it seems unlikely that a country with a GDP half that of California is going to reset anything.

    Yet a small player on the big stage suddenly weakens the petrodollar's dominance. Expect sanctions to create a paradigm shift in regards to fiat currencies.

    The dollar hasnt been weakend at all, but please quantify your comment.

    Russia sanctions threaten to erode dominance of US dollar, says IMF

    The decline from democracy to tyranny is both a natural and inevitable one.

  • derrybderryb Posts: 36,033 ✭✭✭✭✭

    @jmski52 said:
    Nobody has to buy rubles..........................but they will................

    ..............because they need gas and oil.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • tincuptincup Posts: 4,724 ✭✭✭✭✭

    When Russia first set the gold buy price in rubles, the conversion rate equated to the $1600 per ounce. That was also the time where the ruble was at a low due to sanctions.

    Meanwhile, the ruble exchange rate has increased/became stronger.. I saw an article stating the gold buy price in rubles is now GREATER than the spot price when converted. If the ruble keeps increasing in value, the difference will become even greater.

    Looks like it's time to sell gold to Russia, get the rubles, convert to dollars, buy gold back in US markets and make a profit doing so? Not for me... but I image some are looking at that....

    ----- kj
  • tincuptincup Posts: 4,724 ✭✭✭✭✭

    Interesting times.

    ----- kj
  • derrybderryb Posts: 36,033 ✭✭✭✭✭
    edited April 3, 2022 4:26AM

    What is being overlooked and is most important is that "Russia has linked the ruble to gold and, since gold trades in US dollars, set a floor price for the ruble in terms of the US dollar."

    Ronan Manly:

    "if the Western paper gold markets of LBMA / COMEX try to drive the US dollar gold price lower, they will have to try to weaken the ruble as well or else the paper manipulations will be out in the open. Additionally, with the new gold to ruble linkage, if the ruble continues to strengthen (for example due to demand created by obligatory energy payments in rubles), this will also be reflected in a stronger gold price."

    "The Bank of Russia’s move to link the ruble to gold and link commodity payments to the ruble is a paradigm shift that the western media has not really yet been grasped. As the dominos fall, these events could reverberate in different ways. Increased demand for physical gold. Blowups (Blitz, there's that word again. LOL) in the paper gold markets. A revalued gold price. A shift away from the US dollar. Increased bilateral trade in commodities among non-Western counties in currencies other than the US dollar."

    Did Russia just hijack the corrupt gold spot market? Is all of this recent East vs. West turmoil actually about countering the World Economic Forum's globalization "reset?"

    If Ronan Manly is correct, I suspect we are about to witness some serious re-arrangement of international finance and one hell of an effect on the physical gold market. Got gold (or silver)?

    The decline from democracy to tyranny is both a natural and inevitable one.

  • cohodkcohodk Posts: 18,512 ✭✭✭✭✭
    edited April 3, 2022 1:49PM

    This will be a fun thread to revisit in several years. Lots of "if" and other hypothetical scenarios being presented as "you just watch and see, its gonna happen". These are always fun.

    Fact is the ruble and Russia have been on an accelerated decline since 1945. This will not change.

    And please derryb, look in the mirror about calling others names or being immature.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • streeterstreeter Posts: 4,312 ✭✭✭✭✭
    edited April 4, 2022 7:59AM

    The big problem as I see it is that linking your currency/commodity trade to gold is that is fine but there is not enough gold to handle world trade volume. Now if gold goes to a million an ounce that might not be true.

    But as long as oil is $100/barrel then gold will be $1,200 to take out of the ground.

    The world will scramble in the next couple of years to reach new levels of critical resources. Countries and companies that are currently getting poked in the eye will have long memories of who is doing the poking.

    Have a nice day
  • derrybderryb Posts: 36,033 ✭✭✭✭✭

    @streeter said:
    The world will scramble in the next couple of years to reach new levels of critical resources. Countries and companies that are currently getting poked in the eye will have long memories of who is doing the poking.

    Yet, western countries who desperately need russian energy are already willing to turn a blind eye on russia's aggression.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • bronco2078bronco2078 Posts: 9,961 ✭✭✭✭✭
    western media and politicians cant remember back 5 years
    

    china is still angry over the opium wars when you are down you don't forget about past offenses payback is a bitch

    we had troops in China we had troops in Russia too come to think of it.

    Have we ever attacked the Ukraine? ;) well Britain did and Germany did and Turkey? probably a half dozen more .

  • derrybderryb Posts: 36,033 ✭✭✭✭✭
    edited April 4, 2022 1:34PM

    @bronco2078 said:

    Have we ever attacked the Ukraine?

    Not with our military, but our politicians and grifters have had a go at them in the last decade. Likely the root cause of the problems there now. We should send them a thank you note for the rise in gold.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • derrybderryb Posts: 36,033 ✭✭✭✭✭

    Result of backing a currency with gold?

    The decline from democracy to tyranny is both a natural and inevitable one.

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