So, you're saying that it would then be a friend of a friend of a friend, right? I think you can only see your friends' friends list. If you try to view the friends list of a friend of a friend, it won't let you. At least that's the way I thought it worked. For example, if you are on the silver tag and view my personal profile, which is also a friend of the silver tag's, I don't think you can see my personal friends list.
I hope that makes sense.