A smart move by Russia to issue gold and silver coins as legal tender. Its another blow to the confidence of fiat currency. The Central Bank of Russia said:

The coins are legal tender cash payment in the Russian Federation and must be accepted at face value in all kinds of payments without any restrictions

 

It seems 2012 is not yet done with its surprises. The Central Bank of Russia has issued three values of bullion (300,000 31.1g silver pieces with a 3RUB face value, 300,000 7.78g gold pieces with 50RUB face, & 100,000 15.55g gold pieces with a 100RUB face value) that can be used as legal tender beginning, well,  TWO DAYS AGO! If you don’t yet understand the ramifications of such a move, don’t worry, it’s not too late. But you want to begin reading now – starting with the history of metals as money. The clock is ticking and no one knows when the the current economic model’s Duracell will die. Hell, we don’t even know if it’s a AAA, AA, 9V, C size, or D size battery. Every year there seems to be the establishment of new institutions with the capital to lend more. In my book these sizes don’t matter. I think we’re already on the Duracell Rechargeable model. But we all know they don’t last for ever either.

The link from the Central Bank of Russia is at : http://www.cbr.ru/pw.aspx?file=/press/if/121217_164427monet1.htm

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