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Title: The Ruble Regains 100% Of Its Loss After Russia Invaded Ukraine, Why?
Source: [None]
URL Source: https://www.zerohedge.com/
Published: Mar 31, 2022
Author: Tyler Durden
Post Date: 2022-03-31 07:51:13 by Horse
Keywords: None
Views: 343
Comments: 2

Conventional wisdom on why the ruble has rallied is simply wrong...

Poster Comment:

Duh, it's convertible into gold.

Post Comment   Private Reply   Ignore Thread  

#1. To: Horse (#0)

Duh, it's convertible into gold.

LOL And Nixon closed the gold window in 1971. ;)

"When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke

BTP Holdings  posted on  2022-03-31   7:56:42 ET  Reply   Trace   Private Reply  

Duh, it's convertible into gold.

No, it's not convertible into gold. At least that's not what the report from a couple days ago actually said, contrary to many interpretations that it was, including my own when I posted that news here.

The report, at least from Kitco, seems to be that the Russian central bank was willing to pay 5000 rubles for each gram of gold it receives. It does NOT say that the RCB was willing to pay a gram of gold for every 5000 rubles it receives, which is what backing would really mean. It appears the RCB has therefore, not backed the ruble with gold, but they have backed gold with the ruble. Furthermore, this promise is only for the next 3 months.

Until the RCB will give out gold in exchange for rubles, the ruble is not backed with gold. To say so is a misinterpretation.

Pinguinite  posted on  2022-03-31   10:07:50 ET  Reply   Trace   Private Reply  

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