Where is gold at?, page-120

Look. Bottom line (imho of course). Physical is for buying and holding until its value is recalibrated.
The sanctions on, and oil war against Russia are certain to be self-defeating. Russia and China are on a path to dealing in gold and oil. They are going to use it in place of USD. There's nothing Russia needs that it can't buy from China. They are both getting out of USD as fast as they can, and there's nothing Uncle Sam can do about it, save going to war. But MAD guarantees that is not an option.
Russia and China, working together, have the US checkmated wrt gold. Both are accumulating, but also trading commodities using Yuan and gold for payment. Eventually the devaluation of the Rouble will be of no consequence, because it will be totally divorced from the USD. Energy hungry China will become Russia's main energy market, and China will pay in Yuan or gold. If the U.S. continues to depress the GP, China and Russia get cheap gold. If the USA lets gold find its true price, China and Russia win again. Divided, they couldn't pull this off, but together it's Checkmate.

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