Russia and China Gold backed Currencies - Possible?

seabee

Having a discussion with neighbors about the gold standard and specifically about Russia and China being able to back up their currency with gold.
Can either or both back their currency with Gold today?
If it is possible is it probable; what are the advantages/disadvantages?
I can't find anything on this subject that is less than 2 or 3 years old.
Final question - how valid are the claims the US has on its holdings?

Comments (4)
No. 1-4
nick2you2
nick2you2

I am a gold bug forever. Physical only!

Have read numerous articles and watched same on business TV for years. Believe, China, Russia and possibly India may collectively 'kneecap' USD with some sort of gold backing. Making their various currencies partially redeemable in gold.

USD has had a great ride since WWII. Thinking it is about over. US military has been backstopping petrodollar for years. That's about done I think also. All this money printing is having an increasingly diminishing affect. Debt levels unsustainable (read never will be repaid). Not to mention Corona.

(BTW Seabee, Naval Air)

seabee
seabee

Thank you for your service! Lived and worked at the best Naval Air Stations including McMurdo Station, Sig,...

seabee
seabee

I am a Gold/silver bug and always have been since I first learned/read about the shiny stuff in 1984 while deployed. just trying to figure out what all the moving parts, financial smoke screens, and tricks will mean to me and my investments.
Finding it hard to find facts and back-up among all the noise.

Mish
Mish

Editor

In a word - No
Neither China nor Russia will back their currency with gold