Loading ...Precious metals analyst Ronan Manly of Bullionstar.com, said in an interview with RT.com this past weekend that it could eventually blow up the paper metals markets:
“By playing both sides of the equation, i.e. linking the ruble to gold and then linking energy payments to the ruble, the Bank of Russia and the Kremlin are fundamentally altering the entire working assumptions of the global trade system while accelerating change in the global monetary system. This wall of buyers in search of physical gold to pay for real commodities could certainly torpedo and blow up the paper gold markets of the LBMA and COMEX.”
And continued by pointing out the obvious: that if Russia leads the way by backing their currency with gold, other countries “may feel the need” to follow suit:
“Other non-Western governments and central banks will therefore be taking a keen interest in Russia linking the ruble to gold and linking commodity export payments to the ruble. In other words, if Russia begins to accept payment for oil in gold, then other countries may feel the need to follow suit.”
https://www.zerohedge.com/markets/we-have-reached-end-monetary-policy-we-all-once-knew-it