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Russia Proposes New Standard To Compete With RIGGED London Bullion Market Association (LBMA)

derrybderryb Posts: 36,033 ✭✭✭✭✭
edited August 16, 2022 4:06PM in Precious Metals

Russia is colluding with a number of other countries to exclude the dollar, the euro and the pound from the system of international settlements, starting with precious metals but not necessarily stopping there.

"These countries control a lion’s share of gold production. For starters, Russia has fixed the price of gold in rubles at 5000₽/g, which works out to $2,447.17 per troy ounce. This compares rather favorably to the current LBMA fix of $1737.84. The days of LBMA’s ability to drive down gold prices using paper gold manipulation appear be running out."

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

Comments

  • tincuptincup Posts: 4,724 ✭✭✭✭✭

    Could be interesting. Will see how it goes...

    ----- kj
  • cohodkcohodk Posts: 18,512 ✭✭✭✭✭

    Isn't "colluding" another form of "rigging"?

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Looks like Russia wants to get in on the game.... Let me know if there are active offers to buy at
    $2,447.17/oz., I will move some gold for cash at that rate. Cheers, RickO

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

    @cohodk said:
    Isn't "colluding" another form of "rigging"?

    Similar. As occupying is to invading ?
    Controlling is to manipulating ? Freeing is to imprisoning ?

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

    Or better yet .... isn't raising the debt ceiling another form of digging a deeper hole ?

    Oh the land of the free and the home of the new definitions.

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

    Who said they're colluding? Colluding implies something that is secretive and illegal. Where's the illegality? They've been pretty open about getting away from the dollar, and doing that by using a basket of commodities as the underlying asset seems to be fairly rational.

    Q: Are You Printing Money? Bernanke: Not Literally

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

    @jmski52 said:
    Who said they're colluding? Colluding implies something that is secretive and illegal.

    The op.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • dcarrdcarr Posts: 7,905 ✭✭✭✭✭

    @cohodk said:

    @jmski52 said:
    Who said they're colluding? Colluding implies something that is secretive and illegal.

    The op.

    Not exactly. The "op" cited an article which used the word "colluding".

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