Russia and China have outlined plans to create a 100 percent gold-backed currency system to replace the US dollar as the world’s dominant currency.
The Central Bank of Russia has been steadily amassing vast gold reserves since 2015 – accumulating 1,828.56 tonsby the end of 2017 – making it the fifth largest gold reserve in the world.
Russia and China understand the value of real, physical gold, a lesson that the US has forgotten while reveling in worthless paper currency.
If Russia and China establish a 100 percent gold-backed currency, it inevitably changes the game in the West. The dollar will continue to devalue against gold at a rapid rate.
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