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China/Russia Consider a Gold Standard

Written by Staff Writer
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wEdjTA92OMYG3jNPbecxeoGwWiPF8eChAre Russia and China Considering a Move to a Gold Standard? -Economic Policy Journal
"Russia is buying gold. A lot of gold. Within the span of a decade, the country quadrupled its reserves. Gold buying last year exceeded mine supply for the first time, so Russia is about to become a net importer of the metal...

Are the Russian authorities preparing for a renewed clash with the United States and are they attempting to reduce their vulnerability to financial sanctions? Or do they fear a homegrown financial crisis? Others suspect something bigger may be at play. The sheer size of the purchases might reveal bolder motives, with Moscow preparing its first salvo in the coming battle for a monetary reset. What makes the recent moves especially significant is the fact they are being replicated in Beijing. According to official data, China raised its bullion reserves to 60.62 million ounces in March...China may actually end the year as the top buyer after Russia. Right now it looks like a close race....Perhaps Russia and China are setting up for an old-fashioned gold standard money. Whatever is going on, it is clear they both like gold - and so should you."