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Blue Dog's avatar

I'm sure Russia and China have much more gold than they admit to. And the US has no gold.

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Johann von Löwe's avatar

Chris, why would two dictatorships adopt a gold standard, a real gold standard where you can convert paper money to real money (gold)? They would lose control over their currency, the printing, and what is the medium of exchange. Putin and China are not buying gold because they will back their currency with it, they are buying it because they want to use it to transact between them, and probably the BRICS, instead of the dollar.

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