patrick.net

On Friday the Bank of Russia announced:

BREAKING NEWS:

THE RUSSIAN CENTRAL BANK WILL RESTART BUYING GOLD FROM BANKS AND WILL PAY A FIXED PRICE OF 5,000 ROUBLES PER GRAM BETWEEN MARCH 28 AND JUNE 30 pic.twitter.com/Q1kTSfzAIm

— Gold Telegraph ⚡ (@GoldTelegraph_) March 25, 2022
RUB5000 to the ounce at an exchange rate of 100 RUB/USD implies a $1550 per ounce gold price.

Coupled with Putin demanding ‘unfriendly countries’ paying for their Russian imports with either gold or the ruble, the natural choice is for them to buy rubles until such time as the price of gold and the ruble are in sync on international markets.

Thing is, no one is going to sell gold for $1550/ounce when they can get $1925/ounce. So I don't see how the Russian bank's announcement changes anything. The Russians could simply have said that other countries need rubles to buy their oil.

Russia is the first country that can defend itself against the Swiss Octagon and the Globalists. Any other 'minor' country would have been false flagged, invaded, and bombed into oblivion by now by such an announcement.

Will this force the dollar onto the gold or silver standard again, then, at last, hasta la vista the demonic Fed and the anchor of fiat money and Babylonian debt slavery?

Let us not forget though, Russia's leaders are very much committed to globalism. The difference being that like China, they are unwilling to give up all national sovereignty to get there. And before you start saying "Then it's not globalism", remember China is the model for almost every other country with the controls they already have in place over their citizens.

I’m no expert, but I think they are doing this so that countries needing oil have a way to acquire rubles so that they can buy it.

End of the day, Russia is trading oil for gold. Wonder what they will do with all their new gold reserves? Gold backed currency?

If you read the article, it's about restoring the Rubles value. Because Russia has the resources to sell(oil, minerals, etc), they can do this. But it's a mistake to think their move only threatens the dollar. Setting the value of any currency using a physical commodity exposes the fact that there's WAY more paper than goods in the world, and forces the valuations being given to these random pieces of paper(like paper manipulation of gold, again see article) to align with reality. This poses a threat to the entire global fiat system.

pudil says

I’m no expert, but I think they are doing this so that countries needing oil have a way to acquire rubles so that they can buy it.

The whole "gas for rubble" idea has already died the very predictable quick death: "Germany's government said on Wednesday it has received assurances from Russia that Europe would not have to pay for Russian gas supplies in rubles."

https://www.dw.com/en/germany-says-putin-agreed-to-keep-payments-for-gas-in-euros/a-61310461?source=patrick.net

From your own article...

The Russian leader said money would be paid into Gazprom Bank, which is not a subject of sanctions, and then transferred in rubles to Russia, according to a German statement.

Unless I'm mistaken, Russia is receiving rubles as requested.

And again:

Germany on Wednesday triggered an emergency plan to manage gas supplies that could see Europe's largest economy ration power if a standoff over a Russian demand to pay for fuel with roubles disrupts or halted supplies.

Seems like you didn't read your own source.

Eric Holder says

The whole "gas for rubble" idea has already died the very predictable quick death: "Germany's government said on Wednesday it has received assurances from Russia that Europe would not have to pay for Russian gas supplies in rubles."

In EUROS, not petrodollars.

Patrick says

So I don't see how the Russian bank's announcement changes anything. The Russians could simply have said that other countries need rubles to buy their oil.

And where do they buy rubles? And what fiat will russia accept if they want to buy rubles from them?

komputodo says

Eric Holder says

The whole "gas for rubble" idea has already died the very predictable quick death: "Germany's government said on Wednesday it has received assurances from Russia that Europe would not have to pay for Russian gas supplies in rubles."

In EUROS, not petrodollars.

Still not in rubbles. And not different from the days before 02/24/22.

komputodo says

Patrick says

So I don't see how the Russian bank's announcement changes anything. The Russians could simply have said that other countries need rubles to buy their oil.

And where do they buy rubles? And what fiat will russia accept if they want to buy rubles from them?

The whole play is to make westerners to bank with Gazprombank instead of normal banks, because Pedo Vladolf is afraid these payments could be frozen and redirected to compensate for the shit he blew up in Ukraine. That's it. Sorry to everyone who were creaming their panties in anticipation of the PETRORUBBLE ERA!

Here's a reminder of some of the international reaction to President Putin's threat to cut gas supplies to "unfriendly" countries if they don't start paying for gas imports in Russian roubles.

Western companies and governments have rejected Russia's demands as a breach of existing contracts, which are set in euros or US dollars.

Germany is Russia's largest customer in the EU. The country's economy minister, Robert Habeck, said: "It is important for us not to give a signal that we will be blackmailed by Putin."

And German finance minister Christian Lindner echoed his words: "It is clear for us there can be no political blackmail."

He added: "We are convinced that contracts are contracts. The contracts are based on euro and so we will continue to pay for energy imports in euro."

France also insists "contracts are contracts".

In the UK, Prime Minister Boris Johnson says paying in roubles is "not something we will be looking into".

Dutch energy company Eneco states it has a long-term contract with Wingas, a German subsidiary of Russia's Gazprom, for delivery until 2030.

"Eneco expects its current contract with Wingas in euros to be honoured," it added.

Someone is buying lots of RUBs, USD and EUR as far as its currency goes....
The war started at the arrow 2/24 and it looks like someone is hedging the bet Putin tells them all
to bring me GOLD BTC or RUBs or fuck off... Funny the dummies from Europe say he "has to" honor existing
oil contracts with EURs... There is a way but at the end of the day Putim may take the EURs
but will near instantly sell off EURs (catch 22). Europe's FX and equities are taking a smack down as I type .Hold my beer.
The only thing saving the USD is all those shorts on commodities before it all goes nickle on their ass's

Cash says

Funny the dummies from Europe say he "has to" honor existing
oil contracts with EURs...

contractually he doesn't need to honor anything from the minute on the unilateral sanctions were imposed. We'll see how this develops.

Putin's equity markets on recovery and they raised int. rate to 20%.
Could you even imagine the fed doing the same? Of coarse not.

What happens on the ground vs. the shadow dancing and sword rattling of the politicos on the world stage don't always track with each other. Reports are that USA and Europe continue to 'buy' Russian gas and oil by whatever means, and somehow Russia continues to supply it.

@Patrick, I'm going to start flagging comments if the person is just flinging poo, meaning only shares opinion, never reads anything, and spouts non-stop hatred. I'm all for free speech, but this kind of vitriol benefits no one.

@NuttBoxer Please don't do that unless the comment is about you personally.

Everyone has the right to his or her opinion about politics.

mell says

Cash says

Funny the dummies from Europe say he "has to" honor existing
oil contracts with EURs...

contractually he doesn't need to honor anything from the minute on the unilateral sanctions were imposed. We'll see how this develops.

He needs the dough.

Eric%20Holder You've posted no relevant points, have failed to read the OP article, or even your own source, and just repeat the same opinion over-and-over. Change the record never-Trum.. Err never-Putin'er.

NuttBoxer says

Eric%20Holder You've posted no relevant points, have failed to read the OP article, or even your own source, and just repeat the same opinion over-and-over. Change the record never-Trum.. Err never-Putin'er.

I read the article. Which "my own source" have I "failed to read"? And where is your coherent counter-points to my "opinion"? Stop whining and show us the depth of your knowledge and reasoning abilities. So far you came across as very shallow wrt the topics like Eastern European history, for example, of which I have much better grasp due to my professional interest and involvement in the area since mid-90s.

Back to ignore then. But it's sad that someone with so little to share is being allowed diarrhea of the keyboard instead of keeping the conversation focused on relevant talking points. There is room for moderation beyond just personal insults if someone is just repeating themselves, and does it so often. Especially when the comments are constantly sarcastic and hate-filled. His behavior is the equivalent to shouting over everyone who disagrees.

NuttBoxer says

Back to ignore then.

So, not even an attempt to show knowledge and reasoning abilities? So sad.

Eric Holder says

Which "my own source" have I "failed to read"?

BUELLER?

BTW way UK is buying RUBs up like the others as Putin pummels them all silly.
mell says

contractually he doesn't need to honor anything from the minute on the unilateral sanctions were imposed. We'll see how this develops.

Exactly, but no matter Russia will come out on top with what ever choice Europe or for that matter UK and USA makes.
Putin has the drop on them all, we live in a total different world starting 2/24/2022.

@Eric Holder:

Please note the example of Gary back in the day. Take a step back - we're not your enemies. Think of it like eating - most people would venture a taste of something; on the other hand, almost everyone hates being force fed or firehosed.

Peace.

Patrick says

Thing is, no one is going to sell gold for $1550/ounce when they can get $1925/ounce. So I don't see how the Russian bank's announcement changes anything.

Latest exchange rate is up to approx. $1825/ounce from $1550...in less than 4 days

remember when fed bailed out hedge funds in 2019? they are all broke.

komputodo says

Patrick says

Thing is, no one is going to sell gold for $1550/ounce when they can get $1925/ounce. So I don't see how the Russian bank's announcement changes anything.

Latest exchange rate is up to approx. $1825/ounce from $1550...in less than 4 days

If you read the article, no one is going to sell at that price. Russia isn't attacking the physical gold market, but the paper one, which is highly manipulated. This is really a move to expose the real value of commodities in order to increase the value of the Ruble. In doing so they attack the fiat markets, and threaten the entire fake global economy. And because they have the physical resources, Russia can do this.

NuttBoxer says

If you read the article, no one is going to sell at that price.

the article said nobody will sell at $1550/ounce....and still nobody will sell at $1825/ounce....but will they sell at $2400/ ounce?

NuttBoxer says

This is really a move to expose the real value of commodities in order to increase the value of the Ruble.

which just happened.....the ruble is up significantly against the dollar....So much for the MOTHER OF ALL SANCTIONS.....Like most plans by idiot US pols, the sanctions ended up fucking up the USA.

Eric Holder says

The whole "gas for rubble" idea has already died the very predictable quick death: "Germany's government said on Wednesday it has received assurances from Russia that Europe would not have to pay for Russian gas supplies in rubles."

So did the "Death of the Ruble" which lasted no more than a few weeks;



NuttBoxer says

If you read the article, no one is going to sell at that price. Russia isn't attacking the physical gold market, but the paper one, which is highly manipulated. This is really a move to expose the real value of commodities in order to increase the value of the Ruble. In doing so they attack the fiat markets, and threaten the entire fake global economy. And because they have the physical resources, Russia can do this.

This. Real value is in essential commodities, and yeah, gold is essential to much hi-tech. Oil is absolutely necessary as well. REITs aren't. The Neoliberals have been getting resources for a steal using printed money, the gravy train is about to come to an end. We knew this for years, the only question is the speed of it.

DooDahMan says

The highly esteemed economist Michael Hudson called this but no one in this country saw fit to report it or similar warnings from anyone/anywhere else. Go figure.

Report it to whom?

AmericanKulak says

The whole "gas for rubble" idea has already died the very predictable quick death: "Germany's government said on Wednesday it has received assurances from Russia that Europe would not have to pay for Russian gas supplies in rubles."

Ummmm...It was rubles for gas from "unfriendly countries". Seems like germany decided to stop virtue signaling and restore good relations with Russia and simply telling the usa and its sanction to go fuck themselves.

komputodo says

Ummmm...It was rubles for gas from "unfriendly countries". Seems like germany decided to stop virtue signaling and restore good relations with Russia and simply telling the usa and its sanction to go fuck themselves.

Looks like a mistake with the quote somehow-That was Eric Holder, not me.