Tomorrow it is two months since the start of the Russian military operation. At the time the West was sure that it would crash the Russian economy and the MSM in the West were happily writing articles about this, quoting one expert after another. The messaging for the Western audience was that this was a sure thing, yet it was likely just the narrative to make the Western audience accept greater prices for everything and a lowered living standard. People would likely not have been happy if they had been told that it was not a temporary thing but it fitted the agenda of "You will own nothing and
the rulers will be happy".
Yesterday was the end of trading for the week, so I looked at
Kitco for the gold prices versus various currencies.
Below is a picture of the graph of gold versus the Ruble and the Dollar over the last 60 days. It is instructive, I think:
It shows that
an ounce of gold fell in Rubles by 3.09% whereas in Dollar terms the gold increased by 1.78%. In other words the Ruble strengthened over both the dollar and the gold price.
Whereas the Ruble increased almost 5% against the dollar it is more when it comes to the Euro as the next picture shows:
The website Kitco does not give the option to pare the Ruble versus the Euro so keep the other chart in mind. Gold in Euros increased even more over that period, namely 6.81%.
The Swiss Franc followed the Euro closely in its downturn:
The English Pound fared even worse:
An increase in the price of gold of 7.81%!
Next the other important currency, the Japanese Yen:
The Chinese Yuan:
Also an increase noted here versus gold and versus the US dollar.
The only other main currency on the Kitcopage apart from the Ruble, where gold fell in price in that period was the Brazilian Real:
In summary, the dollar increased in value against most currencies and the Ruble even more so. Only the Brazilien real increased a little bit more than the Ruble.
In real terms,
the Ruble strengthened against the
Dollar with 4.87%
Euro with 9.9%
Swiss Franc 8.85%
Pound with 10.9%
Yen with 16.82%
Yuan with 7.53%
Against the Australian Dollar and the Canadian Dollar, the Ruble strengthened about 4.5%.
Sanctioning Russia has not been a winning strategy as predicted beforehand by many not employed by the MSM and so for the collective West, the price of buying Russian oil, gas, palladium etc. has increased considerably.
A last point is that Russia is buying gold at 5000 Rubles per gram, which amounts to 155500 Rb/ounce of gold. Currently the price of gold as can be seen in the top chart is 144580 Rubles/ounce which is a little less than the price set by Russia.