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Russia Proposes New Standard To Compete With RIGGED London Bullion Market Association (LBMA)
derryb
Posts: 38,694 ✭✭✭✭✭
"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."
Governments can print currency. Only the people can print faith in it — and they’re running low on ink.
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Comments
Could be interesting. Will see how it goes...
Isn't "colluding" another form of "rigging"?
Knowledge is the enemy of fear
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
Similar. As occupying is to invading ?
Controlling is to manipulating ? Freeing is to imprisoning ?
If the output exceeds the income, the upkeep will be the downfall.
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.
If the output exceeds the income, the upkeep will be the downfall.
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.
I knew it would happen.
The op.
Knowledge is the enemy of fear
Not exactly. The "op" cited an article which used the word "colluding".