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Metals Minute 79: Gold Bars for Oil

Gold Bars & Oil Trade: Dynamics

March 28, 2022403 view(s)

While many are discussing the clip of Will Smith smacking Chris Rock at the Oscars last night, fewer Americans realize the smackdown occurring in international finance. All seemed to be going according to plan, with tough new sanctions announced against Russia and their Central Bank. But Russia announced a willingness to trade energy for gold, Russian rubles, or other local currency depending on the perceived friendliness of the nation in question. A Russian TikTok video was also shared on Twitter, expressing the futility of owning reserves in paper currency.

 

 

In the translated video, President Putin predicts that nations will begin to transition from fiat reserves, such as the dollar or US Treasuries, into gold, land, agricultural commodities, and other natural resources.

This prediction is now backed up by a plan to purchase a gram of gold for 5,000 rubles, thereby offering sanctioning nations a way to secure the rubles needed to purchase Russian oil or natural gas by selling Russia their gold. This plan begins today, March 28, and runs through the end of June. The new plan is exceptionally bullish for physical gold and bearish for the paper gold system.

 

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About the Author: Bill Stack

 

Financial Analyst of 29 years and Gulf War Veteran, Bill has been helping families nationwide keep their money safe and growing since 1993. As a Certified Financial Fiduciary® and a RICP®, Bill specializes in helping protect your assets with growth potential.

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