…the Bank of Russia has both linked the ruble to gold and, since gold trades in US dollars, set a floor price for the ruble in terms of the US dollar.
KW: With the spot gold price falling to a verlow USD$1915 it is not the move one would expect but is it just the fore-runner to a very volatile market for the next few months as central banks work out what to do? The snactions on Russia imposed by Biden and England might just expose a number of countries to having their foreign held reserves confiscated which may make them really mad. Going to be interesting for sure.