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It could simply be spending any dollars they receive for oil or...

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meric

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21/11/14

13:45

Post #: 14330455
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Originally posted by 23skidoo ↑

Meric,
you need currency reserves to buy gold, so how does your theory work?
Russia is buying gold because, like China, they can see the coming financial meltdown, when the USD, and many other currencies, ours included most probably, will be seriously devalued. Russia and China are two of the major countries of the BRICS bloc, and the other BRICS countries are significant gold holders. Precious metals are the only eternal stores of wealth. Wait and watch, and most of all, get any money out of shares in banks, investment funds and all finance companies, and put it on the mortgage.
23.

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It could simply be spending any dollars they receive for oil or gas sales to buy the gold, rather than exchanging it for rubles and spending it.
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0 Great analysis

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