The ruble higher now that before the war

[para bellum]

Central bank is buying gold, not selling.

Not if the ruble is pegged to gold. That means if you have 5,000 rubles, you can trade it for one gram of gold.

If you can buy rubles with dollars or some other currency, you can exchange it for gold from the central bank.

They are selling gold below market to prop up the currency.

 

[Toddsterpatriot]

Not if the ruble is pegged to gold. That means if you have 5,000 rubles, you can trade it for one gram of gold.

Right. But they aren't pegging it to gold.

 

[para bellum]

Right. But they aren't pegging it to gold.

Well that's what you say but they say otherwise.

"March 25 (Reuters) - The Russian central bank will restart buying gold from banks and will pay a fixed price of 5,000 roubles ($52) per gramme between March 28 and June 30, the bank said on Friday."

Russian cenbank to restart buying gold from banks, will pay fixed price from March 28

The Russian central bank will restart buying gold from banks and will pay a fixed price of 5,000 roubles ($52) per gramme between March 28 and June 30, the bank said on Friday.

www.reuters.com

They since came back and said they are going to pay a floating rate. Either they don't have the reserves to back all the rubles already in circulation, or they were losing money too fast at the 500/gram discount.

Russia's central bank says it will stop buying gold at a fixed price

Russia's central bank said on Thursday that due to a "significant change in market conditions" it would buy gold from commercial banks at a negotiated price from April 8.

www.reuters.com

 

[Toddsterpatriot]

Well that's what you say but they say otherwise.

"March 25 (Reuters) - The Russian central bank will restart buying gold from banks and will pay a fixed price of 5,000 roubles ($52) per gramme between March 28 and June 30, the bank said on Friday."

Russian cenbank to restart buying gold from banks, will pay fixed price from March 28

The Russian central bank will restart buying gold from banks and will pay a fixed price of 5,000 roubles ($52) per gramme between March 28 and June 30, the bank said on Friday.

www.reuters.com

They since came back and said they are going to pay a floating rate. Either they don't have the reserves to back all the rubles already in circulation, or they were losing money too fast at the 500/gram discount.

Russia's central bank says it will stop buying gold at a fixed price

Russia's central bank said on Thursday that due to a "significant change in market conditions" it would buy gold from commercial banks at a negotiated price from April 8.

www.reuters.com

Thanks for the links.
I noticed they both say the central bank will buy gold, neither say they will sell gold.
Sounds familiar. Where have I heard that before?

 

[para bellum]

Thanks for the links.
I noticed they both say the central bank will buy gold, neither say they will sell gold.
Sounds familiar. Where have I heard that before?

View attachment 632902

I think you're right, they don't talk about converting rubles to gold. So it's not really what it's claimed to be, just an offer to buy gold at a steep discount.

I'll pay $1725/oz. too, and I won't even make you take the money in rubles, lol.