@KingKong9888 @aabid11670695 @dream_charts At $1550 per ounce the first order effect here is that is implies a RUB/USD rate of around 75. Incentivizing those holding RUB to continue and those needing them to bid up the price from current levels. 1/

@KingKong9888 @aabid11670695 @dream_charts This creates a positive incentive loop to bring the ruble back to pre-war levels. Then after that market effects take over as ruble demand becomes structural, based on Russia's trade balance. /2

@KingKong9888 @aabid11670695 @dream_charts Once that happens and the RUB/USD falls below 75, then the USD price of gold rises structurally draining the paper gold markets and collapsing the financial system based on leveraged/hypothecated gold.
Now we're into the arb. phase @Lukegromen postulated w/ 1000bbls/oz. /3