Fact Check: Did Russia, China Roll Out 100% Gold-Backed Currency

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Viral Message: Russia and China have outlined plans to create a 100 percent gold-backed currency system to replace the US dollar as the world’s dominant currency.

eMessage on – Social media and internet

Fact Check by Ayupp Wrong title

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The Central Bank of Russia has been steadily amassing vast gold reserves since 2015 – accumulating 1,828.56 tons by the end of 2017 – making it the fifth largest gold reserve in the world.

Goldtelegraph.com reports: Russia has been aggressively increasing its gold reserves for a reason. It has seen the US dollar dominate as a global currency and is working with China to end the US/Western currency supremacy.

Their strategy appears to be working. Russia and China are in the midst of rumors of introducing gold-backed futures to circumvent the U.S dollar.

The US dollar has had no gold-backing since 1933, nor has the US increased its gold reserves for a decade. See chart below.

 Viral Message Verification:- The news about “Russia And China Roll Out 100% Gold-Backed Currency.”,  Is a fake news created from the famous satire website yournewswire.com. archive link is here, it was published on March 25, 2018.

The article starts with a headline of Russia And China Roll Out 100% Gold-Backed Currency, but coming down to article it states that Russia and China have outlined plans to create a 100 percent gold-backed currency system to replace the US dollar as the world’s dominant currency. Clearly there is a huge difference of Rollout and outlined plans. There is no mention of the new currency.

Yournewswire.com has produces many other news which turned out to be fake.

More on yournewswire

yournewswire was Founded by Sean Adl-Tabatabai and Sinclair Treadway in 2014. It has published fake stories, such as "claims that the Queen had threatened to abdicate if the UK voted against Brexit."

Earlier Yournewswire.com published a story saying First Lady Michelle Obama had unfollowed Clinton on Twitter. A quick check of Twitter proved the story false. 

In the past YourNewsWire has been the source of or helped spread a long string of persistent rumors, including the fake claim that a terror attack at an Ariana Grande concert in Manchester, England was a “false flag,” or a government plot designed to keep the populace in fear. They also reported the widespread (but completely false) rumor that a second gunman helped carry out the mass shooting in Las Vegas on 1 October 2017.

It’s significant to note that YourNewsWire often uses fictional quotes juice up the click bait value of their stories, sometimes for the purpose of putting outrageous words in celebrities’ mouths, and other times to invent stories and attribute them to conveniently–anonymous witnesses or officials.

In our opinion the stories or news covered on this site cannot be trusted and must be well verified before being actually shared and believed.



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