From what I understand, 25% of Russia’s currency is backed by gold. I wonder if the EU plans on confiscating gold reserves too. The ruble is still worth a penny but Russia keeps chugging along. I read that 70% of the U.S dollar is backed by gold. That’s more than I thought but is it too much to require 100%?
Our currency left the gold backing in 1972….Nixon removed us from a gold backed currency.Secondly, all nations of the EU are buying gold by the tonnage.
The Basel agreements state Gold physical is a Tier One asset.
It took Germany six years to repatriate their gold from the US- we do not have what they say we have.