Petrotal Corp T.TAL

Russian Bank Sber Issues Gold Backed Token

[geezer21]

Andrew Mcguire has just revealed on "Live From the Vault" today that "Russia’s Sberbank (bank Sber) issued its first gold-based blockchain asset on (Tuesday) in a game-changing manoeuvre that might instigate further dedollarisation of commodity (that includes oil) trading," - Live from the Vault (my emphasis).

For the last 50 years since Nixon took the USD off of a gold standard in 1971 fiat currencies free to print at will became unstable and unreliable.  There was nothing to redeem them for should you lose faith in them - no collateral.

A gold backed Russian token represents a means to hold a tradable asset with huge advantages over unteathered USD.  Here is a discription:

https://cointelegraph.com/news/what-is-a-gold-backed-token-and-how-does-it-work

Maguire explains its potential impact on the imbalance between physical gold and leveraged paper gold trading. Macquire says phsyical gold pricing is going to emerge. Mcguire's technical talk is difficult to listen to.

https://www.youtube.com/watch?v=ZpbsgKLZN2A

Here are a few articles explaining:

https://cointelegraph.com/news/russia-s-largest-bank-issued-gold-backed-digital-financial-assets

https://www.ledgerinsights.com/sberbank-tokenizes-gold-digital-asset-blockchain/

[geezer21]

So how much will this drive the price of GOLD? I do not know.  Maybe that is what is behind the strong pull up in the price of gold and oil this week. Andrew McGuire thinks this is a significant turn of events. The tokens provide a means to circumvent USD sanctions.  Countries or companies with USD can trade their unbacked USD for gold backed tokens. They can use those tokens to

[mjh9413]

Interesting. The backing has to be Russian gold and since the Dumas gave Putin power to do whatever he wanted with their gold without reference to anyone else, well,  good luck with that one.