Russia Will Backstop The Ruble With Gold

The backstopping of the Ruble with gold can come in many forms and doesn’t have to be a direct peg from the Ruble to gold - it can include accepting payment for oil in gold.

Now that Russia has come right out and said it will only transact in Rubles when selling oil to “unfriendly” nations, I’m expecting gold to be the next safe haven for the nation to fall back on, as it desperately tries to backstop both its currency and its economy.

The backstopping of the Ruble with gold can come in many forms and doesn’t have to be a d…