There are a number of reasons they are buying it (gold). The ruble is going down, it’s really getting bashed, and this is a hedge against it. So when you are bringing in gold, and your currency is devaluing, it’s a definite hedge.
When you read the comments from Russia’s economic advisor, Sergey Glazyev, he makes it very clear. He said, ‘All freely convertible currencies are today under American control.’ And he’s making it clear that this isn’t a good situation. Why should they be under American control?
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