QTR’s Fringe Finance/Lawrence Lepard via Zero Hedge/3-2022
“What just happened in the last two weeks is enormously important and misunderstood by many investors. The Russian invasion of Ukraine and the corresponding Western sanctions and seizure of Russian FX reserves are nothing short of a monetary earthquake. The last comparable event was Nixon’s abandonment of the gold standard in 1971.”
USAGOLD note: We try to present theory and opinion on this page ranging from mainstream sources to those who have a more nuanced, even radical, view. Lawrence Leopard presents a view of the Russo-Ukraine war definitively out of the mainstream. “Recall,” warns Lepard, “that post this event*, gold went from $35 per ounce to $800 per ounce (23x). Russia’s move will lead to a similar move in favor of gold.”
*French president Charles DeGaulle’s demanded in the late 1960s that the U.S. redeem France’s dollar holdings with gold. In the photo above, President Nixon meets with Secretary of Treasury George Schultz and economist Milton Friedman just before suspending gold redemptions in 1971.
