Some gold commentators are writing the central bank of Russia has linked the ruble to gold, but this is not true. In the fog of war the first causality is the truth, and this time it’s no different. Information coming from either side of the war between Russia and Ukraine about military, political, or financial developments should be treated with skepticism.
I have stopped reading anything that Rickards postulates.
Are the Russian financial institutions just a "pass-through" for buyers of Russian oil? Russia has said she wants rubles for oil. But there is not much of a market for rubles vs other currencies. So (example) Indian refiner brings gold to Sberbank, who buys the gold at 5000 rubles / gram, Indian refinery gets rubles to buy oil. It's true Indian refiner is getting screwed on the gold price, but if the price of oil is discounted enough, it could be worthwhile. Am I thinking straight?
I think you are hitting your stride again Jan, I'd like to see more about how Eurasia is involved with bullion. Thanks
Thanks Jan, been trying to find out truth about this without success for sometime much appreciated.