Do Russians like gold?
That’s a serious question.
Anyone and everyone in Russia will be looking to get out of rubles. Much of the money appears to be flowing into euros and sterling as a first stop. The Russian millionaires who have been buying up London real estate for the past 4 years look like geniuses.
One place the money doesn’t appear to be rushing is gold. These are the times gold bugs have warned about. There is a dramatic currency debasement ongoing and an acute need for a ‘store of value’.
So why isn’t gold doing better? It’s up $17 to $1209 but is down $10 on the week. One rumor is/was that the Russian central bank has been selling gold. That’s certainly possible.
Otherwise, it appears that Russians would rather put their money elsewhere.
Gold hourly chart
