{"id":1515,"date":"2022-06-06T05:11:13","date_gmt":"2022-06-06T05:11:13","guid":{"rendered":"https:\/\/prendergast.net\/?p=1515"},"modified":"2022-06-06T05:11:13","modified_gmt":"2022-06-06T05:11:13","slug":"russias-gold-standard-a-pipe-dream-why-a-gold-standard-is-not-happening-jeff-christian-and-gary-wagner","status":"publish","type":"post","link":"https:\/\/prendergast.net\/?p=1515","title":{"rendered":"Russia&#8217;s Gold Standard a Pipe Dream Why a Gold Standard Is Not Happening &#8211; Jeff Christian and Gary Wagner"},"content":{"rendered":"<div id='post-thumb'><img alt='' src='https:\/\/markethive.com\/uploads\/david-ogden\/images\/blog_320501.gif' style='height:1px; width:1px' \/><\/div>\n<h1><span style=\"font-size:18pt\"><span style=\"font-family:&quot;Liberation Sans&quot;,sans-serif\"><strong>Russia&#39;s Gold Standard a &quot;Pipe Dream&quot;; Why a Gold Standard Is Not Happening &#8211; Jeff Christian and Gary Wagner<\/strong><\/span><\/span><\/h1>\n<p><iframe loading=\"lazy\" frameborder=\"0\" height=\"329\" src=\"https:\/\/www.youtube.com\/embed\/YT-wzUPspCE\" title=\"YouTube video player\" width=\"730\"><\/iframe><\/p>\n<p>According to Jeff Christian and Gary Wagner, Russia did not return to a gold standard after the Ukraine war. And even if they had, a gold standard won&#39;t work.<\/p>\n<p>Jeff Christian is the Managing Director of CPM Group, while Gary Wagner is the Editor of TheGoldForecast.com. They spoke with David Lin, Anchor and Producer at Kitco News.<\/p>\n<p>Monetary Policy and Gold<\/p>\n<p>Central banks around the world have been hiking interest rates. The Bank of Canada recently increased its key policy target to 1.5 percent. However, gold&#39;s price has remained relatively flat despite such monetary tightening.<\/p>\n<p>Christian is unsurprised that the price has not moved much.<\/p>\n<p>&quot;You still have historically low interest rates,&quot; he said. &quot;&hellip; And you also have negative interest rates on an inflation-adjusted basis&hellip; In addition to that, the increase in interest rates reflects concerns about inflation, which are positive for gold prices.&quot;<\/p>\n<p>He remarked that increasing &quot;volatility and uncertainty&quot; are bullish for gold.<\/p>\n<p>Wagner added that the Federal Reserve&#39;s asset sales would affect the demand for gold, &quot;They&#39;re reducing their balance sheet. Both [higher interest rates and asset sales are] putting a strong effect on the demand side because it&#39;s more expensive to do business, more expensive for goods.&quot;<\/p>\n<p>Russia&#39;s Gold Fix<\/p>\n<p>In March of 2022, the head of Russia&#39;s parliament Pavel Zavalny said that countries can pay for Russian resources with gold. Yet the claim that this implies a return to a gold standard is a &quot;Russian pipe dream,&quot; according to Christian. &quot;&hellip; The reality is that nobody is actually paid in gold, or in fact in rubles, for the most part.&quot;<\/p>\n<p>Christian opined that Russia&#39;s rhetoric around gold was a &quot;face-saving&quot; measure, and that the Russian energy company Gazprom was simply accepting payment in Euros and converting them to rubles.<\/p>\n<p><img alt=\"\" src=\"https:\/\/markethive.com\/uploads\/david-ogden\/images\/posted-images\/Bob-Moriarty.gif\" style=\"height:189px; width:300px\" \/>&nbsp;Is global &#39;slavery&#39; coming? Gold guards against &#39;total control&#39; &#8211; Bob Moriarty<\/p>\n<p>He added that the purported peg of 5,000 RUB to 1 gram of gold is &quot;inaccurate.&quot; In the early days of the Ukraine conflict, said Christian, &quot;there was a tremendous demand for gold from investors within Russia, and they were paying a premium to the world price. The 5,000 ruble per gram was a discount to the world price. So the refiners were saying, why would we sell to the central bank at a discount&hellip; when we can get a premium by selling to investors? So after about a week or so, the central bank of Russia actually pulled back and said, no, we will buy gold from domestic producers and refiners at a negotiated price relative to the international price&#8230; there was no peg.&quot;<\/p>\n<p>A Gold Standard Comeback?<\/p>\n<p>Wagner said that a return to a gold standard would be a &quot;hard to an impossible task.&quot; He added, &quot;Can we go back to some kind of modified gold standard? Possibly. But an actual gold standard? I don&#39;t believe that any country has the ability to back their currency dollar-for-dollar with gold. That would take way too much gold, when you look at the amount of currency in the system.&quot;<\/p>\n<p>Christian added, &quot;Let&#39;s say I go to a gold standard, and I make my currency convertible,&quot; said Christian. &quot;What&#39;s happened in the past? Well in the 1960s, the U.S. lost 60-70 million ounces of gold at a fixed price. Prior to that, there were runs on the Bank of England when they had a gold standard.&quot;<\/p>\n<p>To find out Christian and Wagner&#39;s views on whether a gold standard would tackle inflation, watch the above video.<br \/>\n&nbsp;<\/p>\n<p>By Kitco News<\/p>\n<p>For Kitco News<\/p>\n<p><a href=\"https:\/\/kms.kinesis.money\/signup?referrer=KM13461268\" style=\"color:#000080; text-decoration:underline\"><span style=\"color:#3b5998\"><span style=\"font-family:Tahoma\"><span style=\"font-size:small\"><u><strong><span style=\"background-color:#ffffff\"><strong>Time to buy Gold and Silver on the dips<\/strong><\/span><\/strong><\/u><\/span><\/span><\/span><\/a><\/p>\n<p><\/p>\n<p>Tim Moseley<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russia&#39;s Gold Standard a &quot;Pipe Dream&quot;; Why a Gold Standard Is Not Happening &#8211; Jeff Christian and Gary Wagner According to Jeff Christian and Gary Wagner, Russia did not return to a gold standard after the Ukraine war. And even if they had, a gold standard won&#39;t work. Jeff Christian is the Managing Director of &hellip; <a href=\"https:\/\/prendergast.net\/?p=1515\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Russia&#8217;s Gold Standard a Pipe Dream Why a Gold Standard Is Not Happening &#8211; Jeff Christian and Gary Wagner<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[290,291],"_links":{"self":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/1515"}],"collection":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1515"}],"version-history":[{"count":0,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/1515\/revisions"}],"wp:attachment":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}