Well, if Iran couldn't/wouldn't do it, maybe Russia will!The Russian Trading System, Russia's premier stock market, announced Monday that it would start trading in gold, oil and oil products on June 8.
The announcement comes in the wake of President Vladimir Putin's state of the nation address May 10, when he said Russia, as a leading oil exporting nation, should establish its own oil exchange to trade crude and petroleum products for rubles.
"The first trading in contracts for gold will commence in Russia on June 8," the RTS said in a statement.
The stock exchange also said it would start trading in futures and options on oil and oil derivatives, including Urals brand, diesel fuel, jet fuel and fuel oil. Trade will be in rubles based on prices calculated by the Platts agency. The settlement period for a contract is one month and the minimum security guarantee on a contract is 10% of its overall value.
The derivatives section of the RTS, known by its Russian acronym Forts, will trade futures and options on gold in rubles based on the London Stock Exchange evening fixing rate. The settlement period for a contract is one month and the minimum security guarantee on any contract is 5% of its overall value.
The statement said RTS would collect a 1-ruble commission for each concluded contract.
GW, as you guys may have noticed, sent $25 at the beginning of the month. She's back with another $25 at the end of the month! Thanks, GW! She writes:
What a timesaver. All the stuff I'm interested in is covered on your site, from encroachments on our Bill of Rights to chook tractors. One stop shopping -- woo hoo. My family and I are awaiting permanent residence [in New Zealand] and are headed to the South Island. Will do some WWOOFing first and then purchase a rural property.
That's great news, GW! Cryptogon reader and contributor, DG, is headed to the South Island as well. Becky and I will have to get down there at some point. We're all the way up in the Far North, near Kaitaia.
Then we have Mr. MW. Month after month, he sends contributions. For years, he has supported Cryptogon, making sure it stays freely accessible to all. Thanks, MW.
I get emails from people all the time thanking me for Cryptogon. Don't thank me! It's people like GW, MW and the people you see on the right side of the screen in the 'Support Received' column each month who make Cryptogon possible.
Because of the incredible outpouring from you guys, Becky and I decided to begin the process of ditching Telecom completely and switching over to a satellite Internet provider called Farmside.co.nz
In order to get the Farmside connection for only NZ$90 per month, including installation and hardware, we were required to join one of three farming organizations. We went with Combined Rural Traders
, even though we live in the North. We have to deposit NZ$200 with them, which is fully refundable if we decide to end our membership.
So, in May, donations to Cryptogon have gone toward:
* The purchase of Bill Mollison's Tagari collection
, an invaluable library of permaculture books
* Our shares with CRT, an organization dedicated to helping farmers stretch their precious dollars
* And the second month of broadband satellite service with Farmside (because, as CRT members, the first month is free)!
Cryptogon contributors have clearly upped the ante! Support at these levels tells me that people want to see results, and they're willing to shell out cold hard cash to help. As such, these contributions are helping Becky and me build a small farm that will hopefully serve as an example that others would like to follow. That would be a good thing, in our opinion.
You know the old saying
, "It's better to light a candle than curse the darkness." Over the years, Cryptogon has been mostly about cursing the darkness. Becky and I, however, are glad to have your help in lighting more candles.