On November 13, 2008 China Confidential reported:
While the price of gold may be falling in tandem with that of oil, a major gold producing nation that also happens to be a major oil producer is considering making its own currency convertible into gold.The Telegraph reported today:
The currency is the ruble. Russian officials, this reporter has learned, are seriously considering proposals for a gold-backed ruble or a gold-backed special drawing right.
Also under consideration in Moscow: ideas for a currency backed by a basket of commodities, including gold and oil.
Arkady Dvorkevich, the Kremlin's chief economic adviser, said Russia would favour the inclusion of gold bullion in the basket-weighting of a new world currency based on Special Drawing Rights issued by the International Monetary Fund.Click here to continue.
Chinese and Russian leaders both plan to open debate on an SDR-based reserve currency as an alternative to the US dollar at the G20 summit in London this week, although the world may not yet be ready for such a radical proposal.