U.S. debt, epitomized by its flagship Federal Reserve Note, has become America’s Achilles heel. From Tom Luongo at tomluongo.me:
I don’t think everyone has yet caught the significance of Russia announcing they are putting a floor under the price of gold. But, to be clear, Russia just broke the paper gold suppression scheme.
On Friday the Bank of Russia announced:
RUB5000 to the ounce at an exchange rate of 100 RUB/USD implies a $1550 per ounce gold price.
For a few days previous to this announcement, which they knew was coming, The West was running around with multiple bits of legislation to try and keep the Russians from selling their gold.