{"id":3177,"date":"2014-12-17T16:12:36","date_gmt":"2014-12-17T21:12:36","guid":{"rendered":"http:\/\/olduvai.ca\/?p=3177"},"modified":"2014-12-17T16:12:36","modified_gmt":"2014-12-17T21:12:36","slug":"will-putins-next-step-be-to-sell-gold-zero-hedge","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=3177","title":{"rendered":"Will Putin’s Next Step Be To Sell Gold? | Zero Hedge"},"content":{"rendered":"

Will Putin’s Next Step Be To Sell Gold? | Zero Hedge<\/a>.<\/p>\n

“Russia is at a critical juncture and given the sanctions placed upon them and the rapid decline in oil prices,\u00a0they may be forced to dip into their gold reserves, if it happens it will push gold lower<\/strong>.”<\/em>\u00a0That is what, according to\u00a0some people Bloomberg has quoted<\/a>, is in the cards.<\/p>\n

As Bloomberg reports,<\/em><\/a><\/p>\n

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Russia\u2019s surprise interest-rate increase failed to stop the plummeting ruble. Another tool available to repair economic havoc caused by sanctions and falling oil prices: selling gold.<\/strong><\/p>\n

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Russia holds about 1,169.5 metric tons of the precious metal, the central bank said last month. That\u2019s about 10 percent of its foreign reserves, according to the London-based World Gold Council. The country added 150 tons this year through Nov. 18, central bank Governor Elvira Nabiullina told lawmakers. The Bank of Russia declined to comment on its gold reserves.<\/p>\n

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Russia\u2019s cash pile has dropped to a five-year low as its central bank spent more than $80 billion trying to slow the ruble\u2019s retreat.\u00a0<\/strong>The currency\u2019s collapse combined with more than a 40 percent tumble in oil prices this year is robbing Russia of the hard currency it needs in the face of sanctions imposed after President Vladimir Putin\u2019s annexation of Crimea.\u00a0A fall in gold prices signals that traders are betting that the country will tap its reserves,<\/strong>\u00a0according to Kevin Mahn, who oversees $150 million at Parsippany, New Jersey-based Hennion & Walsh Asset Management.<\/p>\n

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\u201cRussia is at a critical juncture and given the sanctions placed upon them and the rapid decline in oil prices, they may be forced to dip into their gold reserves,\u201d Mahn said. \u201cIf it happens it will push gold lower.\u201d<\/strong><\/p>\n<\/blockquote>\n

But others are less convinced.<\/p>\n

<\/p>\n

<\/a><\/a>…click on the above link to read the rest of the article…<\/span><\/span><\/p>\n

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Will Putin’s Next Step Be To Sell Gold? | Zero Hedge. “Russia is at a critical juncture and given the sanctions placed upon them and the rapid decline in oil prices,\u00a0they may be forced to dip into their gold reserves, if it happens it will push gold lower.”\u00a0That is what, according to\u00a0some people Bloomberg has […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1036,374,430,694,1988],"class_list":["post-3177","post","type-post","status-publish","format-standard","hentry","category-economics","tag-currency-collapse","tag-gold","tag-interest-rate","tag-russia","tag-world-gold-council"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3177","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3177"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3177\/revisions"}],"predecessor-version":[{"id":3178,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3177\/revisions\/3178"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3177"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}