Are Russia, China & Turkey bringing back the gold standard?

Global central banks purchased extra bullion final 12 months than at any time since 1971, when the US ended the gold normal.

Governments added 651.5 tons of gold to their coffers in 2018, in response to the World Gold Council. It stated that Russia, China and Turkey are main the gold-buying spree.

That may imply the three international locations are “re-imposing the gold standard just by the fact of accumulating it like this, by stocking gold,” says Stacy Herbert.

“They are forcing revision and re-introduction of the gold standard,” agrees Max Keiser, including that each one these three international locations should do is “introduce gold-backed currency.” Russia may introduce a gold-backed ruble, he suggests.R

Stacy explains that “every time you send US dollars or euros or whatever currency you trade into them, and they have a trade surplus… they just use it to buy gold.”

Thus it’s a gold normal, she concludes, with Max including: “Right, it is de-dollarization, de-globalization.”