The Russia Ruble is now gold-backed

Re:The Russia Ruble is now gold-backed by david927 on Monday March 28, 2022 @10:59AM (#30831156)

Well that's the spot price ~ $1980/troy ounce.

[ Parent | on HN ]

Re:The Russia Ruble is now gold-backed by Finnucane on Monday March 28, 2022 @11:23AM (#30831474)

Is it? At today's exchange rate, that's $52/gram, or about $1600/troy ounce.

[ Parent | on HN ]

Re:The Russia Ruble is now gold-backed by willmadden on Monday March 28, 2022 @11:32AM (#30831591)

USD:RUB rate is 96.05 right now.

Spot gold is 1,953.48 USD, or 187,631.75 RUB per oz.

28.3495 grams in an oz of gold.

6,618.52 RUB per gram of gold at current prices.

They are fixing the price at 5,000 RUB per gram of gold, so they are valuing the Ruble at a 32.3% premium to the current market value of RUB in gold (this moment).

[ Parent | on HN ]

Re:The Russia Ruble is now gold-backed by Finnucane on Monday March 28, 2022 @12:36PM (#30832365)

Troy oz is 31 grams. But still, they are not going to trade the ruble at that rate. The arbitrage would be too great.

[ Parent | on HN ]

Re:The Russia Ruble is now gold-backed by willmadden on Thursday March 31, 2022 @09:12AM (#30866765)

I'm not so sure. See what's going on in Argentina between the blue dollar (free market) and the official ARS rate. 100%+ difference between the pegged value and free market value.

[ Parent | on HN ]