Alternative to U.S. Dollars – Russian Gold

“Let’s offer an alternative to the US dollar in the form of Russian gold, which we produce… investment gold,” CEO Alexander Afanasiev suggested, speaking in the Lower House of Russia’s parliament on Monday.

He added that some “super-conservative investors” purchase dollars and keep them “under the pillow,” which is not very safe, he believes.

The MOEX chief also noted that Russians have increased their investment activity and act “surprisingly rational.”

Russia is the world’s third-largest gold producer and in 2017 boosted its gold output by more than six percent. It producedalmost 265 tons of gold in January-October 2018, according to data provided by the Finance Ministry.

However, some analysts doubted Afanasiev’s idea, warning that using the precious metal instead of the US dollar might be simply inconvenient.

“Gold does not have liquidity of the dollar. As practice shows, settlements in it are inconvenient for individuals,” metals and mining director Nikolai Sosnovsky from Prosperity Capital Management told TASS on Tuesday. – Source

It appears that Russia is not concerned there is currently no infrastructure to process payments in gold. I presume Russia understands this will happen in short order the moment gold comes back to the table for trade settlement. What Mr. Sosnovsky is overlooking is the fact that a payment system can be adjusted, in a short period, to accept and calculate what ever currency it is told to accept and calculate. Are there systems at every border around the world to do currency swaps? What is the difference, I mean, besides nothing?

Once again it is information such as this that makes the basis for the entire “russia did it” narrative in western corporate media. Russia is providing unprecedented cover for China to roll out their dystopian policies, actions and technology that are setting the stage for the western world to deliver to a neighborhood near you. Never mind what China is doing with social credits and other forms of tyranny, “russia did it”, whatever it is, and that’s all you need to know.