The Central Bank of Russia is buying gold at a fixed price. Russia is a major gold exporter. It's their third largest export. They did remove the VAT on Gold but they are NOT backing their currency with Gold as of yet.
They (Russian Central Bank) do appear to be stacking gold but one can also argue that they are doing that because miners produce so much and the LBMA (London Bullion Market Association) has removed Russian producers certifications. This makes it impossible to sell gold produced AFTER the removal of certifications through London which is highly liquid. This is mostly due to sanctions.
So for now, they are not backed by Gold.
Too many people spreading that shit that don't understand how it works or what's going on.
https://m.youtube.com/watch?v=D_x8VswuLwU
Value is in the eye of the beholder. Just sayin.
u/sleepydude isn't wrong. I'd say a full quarter of my income has been in barter for years now. Hell yeah I'll fix your porch for that old car 😁.
You're thinking a time when there is no government, no economy and no form of currency. That is end of the world shit lol. Putin is thinking an operational government with a functioning society but using gold backing their currency. No one is heading to "trade a cup for toothpaste" times lol. That's ridiculous.
What happened when Weimar collapsed?
What did it take to buy bread?