Gold Is Replacing the Dollar
Western sanctions on Russia are being met with counter-measures. Russia is to begin selling their natural resources for gold. The movie theater AMC is transitioning their portfolio to gold miners. Gold is replacing the dollar as the world’s reserve currency.
On Sunday, March 6, 2022, Turkey and Russia were talking about trading without using the world’s reserve currency, as reported on Tuesday, March 8, 2022 by the Daily Sabah. This is notable because Turkey is a NATO member. NATO is dominated by the USA which issues the dollar as the world’s reserve currency.
The Daily Sabah writes,[1]
“In a phone call on Sunday, Erdoğan told Putin that Turkey is ready to contribute to the solution of the Ukraine crisis through peaceful means as soon as possible.
Meanwhile, according to the information obtained from ruling Justice and Development Party (AK Party) sources, the issue of trade payments between the two countries was also discussed.
Sources say Erdoğan told Putin that, apart from the euro and dollar, trade between the two countries can be carried out using the Russian ruble and Chinese yuan.
‘We can do it with gold,’ he was quoted as suggesting.”
In addition, Russian President Vladimir Putin said that many countries may soon replace paper and digital assets (the dollar) with real assets such as land, food, or gold because of Western Sanctions and hubris. On Wednesday, March 16, 2022 he said,[2]
“Let me reiterate, the global economy and global trade as a whole have suffered a major blow, as did trust in the US dollar as the main reserve currency.
The illegitimate freezing of some of the currency reserves of the Bank of Russia marks the end of the reliability of so-called first-class assets. In fact, the US and the EU have defaulted on their obligations to Russia. Now everybody knows that financial reserves can simply be stolen. And many countries in the immediate future may begin – I am sure this is what will happen – to convert their paper and digital assets into real reserves of raw materials, land, food, gold and other real assets which will only result in more shortages in these markets.”
The Chairman of the Russian Energy Committee of the State Duma, Pavel Zavalny, said that Russia would sell their gas for rubles, gold, friendly nation’s currencies, or possibly even bitcoin. On Thursday, March 24, 2022 he said in Russian, as translated by Mahadi Hassan of oopstop.com,[3]
“If they want to buy, 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. As for friendly countries, China or Turkey, which are not involved in the sanctions pressure. We have been proposing to China for a long time to switch to settlements in national currencies for rubles and yuan. With Turkey, it will be lira and rubles. The set of currencies can be different and this is normal practice. You can also trade bitcoins.”
Anecdotally, the movie theater company, AMC, is investing in gold mines. As Netflix and other home entertainment systems have increasingly replaced going out to the movie theater for entertainment, AMC has sought new revenue streams.
Anirban Sen and Mike Spector, writing for Reuters, note,[4]
“March 15 (Reuters) - Movie-theater chain AMC Entertainment Holdings Inc (AMC.N) said on Tuesday it agreed to buy a large stake in Hycroft Mining Holding Corp (HYMC.O) for $27.9 million, capitalizing on its popularity with retail investors to provide a financial lifeline to the troubled gold and silver mine operator.
Hycroft, which owns a mine in Northern Nevada, was on the verge of bankruptcy before AMC's investment. Now, it plans to raise up to $500 million by selling shares in the open market over time, Hycroft said on Tuesday. Such a large capital raise is not typically accessible to a small company in dire financial straits.”
Western sanctions on Russia are being met with counter-measures. Russia is to begin selling their natural resources for gold. The movie theater AMC is transitioning their portfolio to gold miners. Gold is replacing the dollar as the world’s reserve currency.
[3]https://oopstop.com/state-duma-deputy-proposed-to-sell-gas-for-yuan-lira-and-bitcoins/