Russia begins panic buying more gold Bank of Russia announced it will begin buying yet more gold to add to its already huge war chest in the metal ($140 billion worth) - part of an attempt to add stability to its panicked financial markets.
It is speculated Russia will soon need to start selling off (monetizing) its existing gold hoard in a desperate attempt to cushion the precipitous free fall in the Ruble. Thus the need to boost its stockpile ahead of time.
Russia will be making these purchases from its own domestic production, therefore DIMINISHING IS SALES OF THE METAL ABROAD AND DAMAGING ITS ABILITY TO EARN FOREIGN CURRENCY. In 1919 Russia became the world’s second largest gold producer. A massive 83% of European gold comes from Russia.
The downward spiral just continues.