Loading ...George Gammons Explains Zoltan Pozar’s Take On Gold Price Going To $3600/oz
Just watched George Gammon’s video explaining (bit confusing but makes sense) Zoltan Poszar’s take on the Russian oil price cap and a leaked “secret deal” for the US to replenish the SPR. My comment is it makes sense on why this deal took so long to get agreed to(the cap at $60 for Russian oil) It makes sense if the back and forth was because it was going to be a back door way to refill the SPR especially with OPEC also going back and forth on whether they were increasing or cutting production and ended up standing pat. Gold is heading to new ATH sooner rather than later and this could be one more catalyst why, especially since the BRICS were getting close to implementing their oil, gold, currency arrangement soon anyway.
I think I like Zoltan (already before) … and lately was wondering if he still working @ Credit Suise (CS) which is going bankrupt and not for nothing, steep decline on the chart and equals Deutsche Bank. So then again … should we like Zoltan and why is he (still) @ CS?
CS just got a large investment from Saudis. They are splitting off their investment bank under the old First Boston name. Don’t be surprised if Zoltan is the head of or at least in a very senior position in the new entity.
This scenario has Russia “essentially” selling their oil at a significant discount to market (a discount that decreases as the price per gram rises) AND it places the OPEC nations (which China/Russia/India etc are courting to join BRICS) into a difficult position?
While it would enable Russia to revalue it’s gold reserves, it also uses fossil fuel reserves that could be left dormant for a later date AND provides assistance to a country that is using UKRAINE as a proxy to attack Russia.
Why would Russia want to play this game? How would OPEC react?
This has many levels to it and we don’t have the whole story. If the EU & US decided to cap Russian oil at $60/ barrel, it is already being discounted. The Russians, Chinese and other BRICS want to get started on their new currency regime. The Saudis have been in close negotiations with both Russia and China regarding oil and defense considerations. This may be a backdoor deal where the US understands the US dollar is no longer going to be the only reserve currency going forward.(remember Powell alluded to that a while back) While a rapid increase in the gold price is coming one way or another the US may figure it is better to be part of the deal and negotiate how it plays out than to have it forced upon them where it becomes even more chaotic than necessary.