Russia’s power play…which no one noticed
Your regular weekend editor, Nick Hubble, is taking some time off over the next few weeks to celebrate his marriage.
While he’s gone, I’ll step in. But instead of just hearing from me, I will showcase some of the different analysts I work with in the global Agora Financial network.
And today we get started with Byron King. He’s been a geologist for over 20 years, and he works side by side with Jim Rickards on a US-focused gold newsletter.
Byron and I met half a decade ago at an Agora conference. Needless to say, we bonded quickly over our love of gold…
And below, he has some valuable insights on Russia’s recent gold buying.
You see, Russia is buying up gold on the cheap, but beefing up its balance sheets because that gives it a book value based in US dollars.
It’s an incredible power play.
The Russian ruble is quite weak right now.
But by buying up gold in their own currency…and then assigning the ounces the US dollar value…the Russians are essentially making their books much stronger.
To be honest, I can’t believe other analysts haven’t pieced this together earlier.
Now it’s over to Byron, as he explains the powerful moves Russia is making away from the US dollar.