The day began with a 1.1 percent fall in Asian markets, followed by losses across Europe, indicated by a 2.4 percent decline in the FTSE Eurofirst 300 index. Turbulence on Wall Street recalled the gyrations of mid-October, when a “flash crash” in bond market yields created conditions resembling those following the collapse of Lehman Brothers in September 2008.
In Russia, it’s 6.2%. And rising. Last year it was 5.5%, and the central bank is continuing to heavily stockpile more.
How much gold backs the dollar?
Precisely zero point zero percent. Zilch. Nada.