More likely is that Russia is not buying more gold to preserve its cash reserves as they are about to take a hit when the Saudis finish choking off their oil industry into submission if not death.
The overcapacity in the oil markets that is coming through will force the russkies to capitulate to the Saudis or see their oil industry largely destroyed or mothballed for a couple of years.
hedging, page-89
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| Open | High | Low | Value | Volume |
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