Russia Hints At Ushering In A New Gold Backed Ruble

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April 14, 2014 10:28am NYSE:GLD NYSE:SLV

india-gold-etfThe Silver Bug: The Central Bank of Russia has made a subtle, yet serious threat against the lynch-pin of the American Economy, the US dollar.

According to Russian media,  Russia’s RIA Novosti Bank Rossiya has just released a new logo, which is a gold ruble.

This action comes in response to JPMorgan entering the economic battlefield and blocking Russian wire transfers.

Putin has made it quite clear that any attacks on the Russian economy will be answered in with retaliations of their own.



This latest threat has the potential to derail the American economy.

If Russia decides to use its vast gold reserves to back the Ruble, the ramifications for the global economy would be huge.

Already the US Dollar, which has had the luxury of being the reserve currency of the World for far too long, was skating on thin ice.

I have often said that the first country to release a gold backed currency would have the most to gain and would likely steal the mantle of reserve currency of the world.

For years alternative media have speculated that China would be the first to act.

This still may be true, but now Russia appears ready to throw its hat in that arena.

Symbolism has serious meaning to President Putin and you can be rest assured that the West is taking this subtle, yet meaningful move very seriously.

They know that Russia would have no qualms with using gold as a geopolitical weapon.

A weapon that could cause serious problems for the world’s currency markets.

This article is brought to your courtesy of The Silver Bug.

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