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Is the Russian Ruble Linked to Gold?

by GAINESVILLE COINS


Some gold commentators are writing the central bank of Russia has linked the ruble to gold, but this is not true.

In the fog of war the first causality is the truth, and this time it’s no different. Information coming from either side of the war between Russia and Ukraine about military, political, or financial developments should be treated with skepticism.

On March 28, 2022, the central bank of Russia (CBR) announced it would buy gold from Russian credit institutions (banks) at a fixed price of 5,000 rubles per gram. At the time the prevailing price in the free market was 6,000 rubles per gram. As CBR’s bid price was lower than the free market price it made no sense for banks to sell to CBR…


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