You are here
Brett Arends: Russia just made a case for owning gold -- and nobody noticed
By Brett Arends
MarketWatch, New York
Monday, March 28, 2022
Here's a strong argument for adding some gold bullion to your retirement portfolio right now, alongside those stocks and bonds.
And it comes courtesy of Pavel Zavalny, the head of the Russian parliament.
... Dispatch continues below ...
... ADVERTISEMENT ...
Buy metals at GoldMoney and enjoy international storage
GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, taking advantage of GoldMoney's low storage rates, among the most competitive in the industry.
GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars.
To learn more, please visit:
http://www.goldmoney.com/?gmrefcode=gata
Zavalny spoke last week on the subject of all the economic and financial sanctions being levied against Russia following the invasion of Ukraine. Most of the coverage of his remarks implied that Russia might respond to the sanctions by switching from U.S. dollars to bitcoin for international trade.
But a look at the transcript being reported shows something quite different. Zavalny added bitcoin only at the end of a long list of other currency and trading options, almost as an afterthought.
(As you might expect. Not only is bitcoin new, ridiculously volatile, widely open to manipulation, and a massive drain on energy in a world facing an energy crisis, but it also offers no guarantee of privacy. Western authorities can track all transactions on the blockchain, with the result, for example, that they can even get back bitcoin ransoms.)
Much more interesting was Zavalny's main point, even though it has been mostly overlooked. If other countries want to buy oil, gas, other resources, or anything else from Russia, he said, "let them pay either in hard currency -- and this is gold for us -- or pay as it is convenient for us. This is the national currency."
In other words, Russia is happy to accept your national currency -- yuan, lira, ringgits, or whatever -- or rubles, or "hard currency," and for them that no longer means U.S. dollars. It means gold.
"The dollar ceases to be a means of payment for us. It has lost all interest for us," Zavalny added, calling the greenback no better than "candy wrappers."
What will this mean? Maybe nothing. Or maybe a lot. Especially if Russia's lead is followed by countries such as China, India, and others -- countries that may not welcome Washington's ability to control the global financial system through its monopoly power over the global reserve currency. ...
... For the remainder of the report:
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at: bagman1236@aol.com
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
