CM-19 – Russia Doubles Pace of Gold Buying, James Rickards (Chaos Monitaur)
Russia has doubled the pace of its gold buying, according to the World Gold Council (and as reported by James Rickards in the link below). Over the past decade, Russia has tripled its gold reserves, and now holds 1,800 tonnes.
A New International Monetary Order
This is just another step in the move to establish what Rickards calls “a new international monetary order” – one that is not based on the USD. Acquiring gold is one step in that direction. Abandoning the petrodollar payment system is another, and Russian and China are in the forefront of that movement.
An Alternative to SWIFT
Russia is also taking further steps, such as developing an alternative to the US-dominated SWIFT international payment system. The head of the Russian central bank apparently reported to Putin that they have developed a parallel system to SWIFT, meaning that any attempt by SWIFT to prevent payments to or from Russia will be inconsequential.
