Russia gold oil If Russia accepts gold for oil, gold price doubles to $3,600, says Credit Suisse's Zoltan Pozsar
In a year of"unthinkable macro scenarios," Credit Suisse's Zoltan Pozsar said it is not improbable for gold to double to $3,600 an ounce if Russia responds to G7's oil price cap by accepting gold for crude.
While this outcome might sound out of this world, it is not that far-fetched given some of the geopolitical and macroeconomic surprises from this year, Pozsar said in a note titled 'Oil, Gold, and LCLoR.'"Crazy? Yes. Improbable? No. This was a year of the unthinkable macro scenarios and the return of the statecraft as the dominant force driving monetary & fiscal decisions," Pozsar wrote Monday.
At current market prices, the cap of $60 per barrel for Russian oil equals the price of a gram of gold, Pozsar said. What essentially happens here is the U.S. pegs Russian export at this price, and Russia, in return, pegs it at a gram of gold. And this would come at a time when the U.S. is working to refill its strategic reserves with cheap petroleum.
But gold doubling would be an issue for banks involved with futures markets as most have assumed that governments won't get back to paying for goods with commodities.
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