Significance of setting a Fixed Price for Gold in Roubles

Russia is the world’s largest exporter of natural gas and the third largest exporter of oil. We are currently witnessing Putin’s demand that foreign buyers (importers of Russian gas) pay for this natural gas in roubles. This immediately ties the price of natural gas to the rouble and (due to the fixed link to gold) to the price of gold. As a result, Russian natural gas is now linked to gold via the rouble. 

Russian oil can now be used in the same way. If Russia starts demanding rouble payments for oil exports, there will be an immediate indirect peg to gold (via the fixed price rouble – gold connection). Then Russia could start accepting gold as payment for its oil exports directly.

 

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#edgeforex #forextrading #forexsignals #trading #forex #russia #gas #rouble #gold #price #naturalgas #cryptocurrency #bitcoin

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