Putin Just ‘Pegged’ the Ruble to Gold

• Heresy Financial
  The central bank in Russia just announced they will buy gold at a specified rate from its banks for the next three months. While this rate is under the current price of gold, it effectively pegs the ruble to gold and sets a floor underneath the gold price. The real fun starts if Russia decides to price oil in rubles or gold after this move. They could effectively force the world onto a new gold exchange standard.

Here we have it in possible detail. Share with non-metals friends so they can understand potential implications. https://t.co/EusYivzXJ0

— Nate Fisher, MS MBA PMP CISSP MCSE (@natefishpa) March 25, 2022

To ME, this looks like Russia just backed the ruble with gold. IF they then price oil to gold, you then have the new exchange rate of USD/rubles. And you have a gold-backed ruble. Got gold? Am I reading into this wrong? Is gold about to go nickel? https://t.co/zkgbPmX90J

— Nate Fisher, MS MBA PMP CISSP MCSE (@natefishpa) March 25, 2022

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