The RF Central Bank Pegged 1 Gram of Gold to 5000 Rubles (About $50 USD)
Telegram Post By Jamie McIntyre
The RF Central Bank pegged 1 gram of gold to 5000 rubles (about $50 USD).
From March 31, oil and gas can only be purchased in rubles. Meaning, it is pegged to gold, using paper rubles as a proxy.
Europe will need to either buy rubles in gold, or they will have to buy directly in gold. Which means, there will be a lot more demand for rubles.
Currently, the forex rate for rubles to dollars is about 100:1. But with 5000 rubles now equaling 1 gram of gold, and oil being priced directly in gold – there will be a price disruption in terms of how much gold a dollar can actually buy.
Countries holding dollar debt notes will see less use for them & want to dump them, in order to get something which holds value better. This will have a deflationary effect on rubles.
Russia will be able to re-peg the ruble to gold at whatever rate down the line – 5000 today, tomorrow 500.
The excess dollars being dumped are about to cause hyperinflation….