(UPDATED 10:39 AM EDT SEE BOTTOM) The Central Bank of Russia has officially announced that, as of March 28, 2022, the Russian Ruble currency is BOUND to Gold.  The rate is 5,000 Rubles per gram of gold bullion.

(NOTE: This story has been corrected to report "TROY" ounces as opposed to dry ounces, and the values recomputed to reflect there are more grams per TROY ounce than in a dry ounce.)

There are 32 grams in each TROY ounce.  32 grams times 5,000 rubles per Gram is 160,000 Rubles.   Ya with me so far?

The conversion rate of Rubles to U.S. Dollars is 100 Rubles, 90 Kopecs, to each US Dollar.

If Rubles are bound to Gold at 5000 Rubles per gram, and there are 32 grams per TROY ounce, meaning one ounce of gold would cost 160,000 Rubles, then converting that to US Dollars means Gold is $1600 per ounce when using Rubles, instead of $1,928 per ounce using Dollars.

Russia just wiped out about thirty percent (30%) of the value of the US Dollar, worldwide, when it comes to Gold Bullion.

Worse, because Russia will only sell its oil and gas in Rubles, and Rubles are now fixed at 5,000 Rubles per gram, anyone wishing to buy Oil or Gas will need to either pay in Rubles or pay in Gold, and they won't get the US Dollar value for the gold they tender as payment!  

People around the world will be literally THROWING their money at the Ruble and DUMPING Dollars and EUROS to do it.