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Bank For International Settlements Caves In To Russia And China

June 1, 2021

On April 6, 2021, the website "Russia Today" made an announcement:

“Russian President Vladimir Putin is reportedly preparing to give a major address in which he will fire the starting pistol on a “new era” and set out a different vision for the future of his country as the Covid-19 pandemic wanes.

The chairwoman of the Russian Senate, Valentina Matvienko, told reporters on Tuesday that the speech would set out answers to a number of challenges facing the world.

This will be a message for a new age,” she said. “But at the same time, as always, current issues will be addressed, focuses will be defined and direct instructions will be given.” Matvienko added that “in the current difficult environment facing the world, which comes with many obstacles for countries including Russia,” the address would become “the most important political and public event.”

Putin is due to speak to the national parliament, encompassing both the Senate and its lower house, the State Duma, on April 21. Kremlin spokesman Dmitry Peskov revealed on Monday that the annual message would be delivered in person, amid a relaxing of social distancing rules governing workplaces across the country. “The rest of the details are being worked out,” he added.

Putin poised to set out vision for future in dramatic speech, in what allies say will be the 'world's most important political event.

However, it turned out that Putin did not set out any vision for the future, in any dramatic speech, and "The world's most important political event" did not take place.

What has been going on?

In my opinion, there is only one explanation for this odd situation: Putin was threatening to restore gold backing for the Russian Ruble and for the Chinese Yuan, and this scared the living daylight out of the BIS, the Bank for International Settlements of Basel, Switzerland, which caved in to the pressure from Russia and its ally, China.

As a result of Putin's threat, this May the BIS advised that it was implementing new rules to govern international banks, regarding the presentation of amounts of gold which they hold, which are no longer to include "unallocated gold".

It has been the operations with "unallocated gold" i.e. "mythical gold" which have allowed the most important banks of Britain and the US to control and suppress a market price for gold. Under the new rules which are to be presented in full on June 28 of this year, the price of gold will no longer be subject to manipulation on the part of the US and the UK, because the most important banks of these countries will no longer be able to count on "unallocated" - i.e. non-existent gold - for their collusion regarding price control of the metal.

Russia and its ally, China, have thus cancelled the power of the US and UK to keep the price of gold in a "deep freeze" for so many years.

Nobody knows how high the price of gold will be after June 28, but the higher it goes, the lower goes the international value of the Dollar, and of other national currencies that are linked to the Dollar, through the concentration of their Reserves in Dollars.

The enormous US imports of Chinese goods will have to fall to a trickle. And that reduction - the result of a return to economic reality - will decimate the standard of living of Americans.

A New Age, imposed by Russia and China, will begin on June 28, 2021, as gold regains its age-old function as MONEY.


Hugo Salinas Price is a Mexican citizen, born in the USA of an American mother and a Mexican father. He is 81 years of age. Married for 58 years to a Mexican wife; they have 18 grandchildren. He dropped out of three universities: Wharton, Monterrey Tec (Mexico) and National Autonomous University of Mexico.  Hugo started out in business life in 1952 as a General Manager of a tiny company manufacturing radios in Mexico City. He was 20 years old at the time and soon learned about the importance of having funds to meet the pay-roll every Friday. The company was owned by his father, and gradually turned into a manufacturing company with its own retailing branch, selling all sorts of consumer goods, including its own TVs.  His website is

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