Read full text: https://www.lewrockwell.com/2024/06/alasdair-macleod/russias-view-on-gold/
 | It is now eighteen months since Sergei Glazyev, Commissioner for Integration and Macroeconomics within the Eurasian Economic Commission, disclosed his views on gold and its economic value. Undoubtedly, his opinion carries weight not only with President Putin to whom he is very close, but he also influenced Russian proposals for a new trade settlement currency for BRICS which failed to make the Johannesburg agenda last August. Published in Vedomosti, the Moscow business paper on 27 December 2022, Glazyev’s views are very relevant today given Russia’s presidency of BRICS which commenced on 1 January. We should regard it as the background behind … Continue reading → www.lewrockwell.com |
Over the past 20 years, gold mining in Russia has almost doubled, while in the United States has almost decreased by half. By dismantling real wealth, the United States has lost its competence and interest in the production and processing of strategic resources (gold and uranium, etc.). The printing press funds the purchase of everything they want.
Gold production, which today barely occupies 1% of Russia’s GDP, may well grow (due to the growth of both production and relative oil prices) to 2%—3% GDP and become the basis for the rapid growth of the entire commodity sector (30% of GDP) and the balance of foreign trade, which so far relies on the fiat currencies and the risks of devaluation and insufficient currency convertibility. Instead, Russia will be able to increase gold production from its three large, already commissioned fields from 330 tons to 500 tons, becoming a world leader in this strategic industry. Bonus: we get a strong rouble, strong budget and — in implementing the advanced development strategy, a strong economy.
