Russia’s government could still be pushed into using its gold reserves to bolster the falling ruble, currency experts have forecast.
Rumors last week that Russia was on the verge of selling its gold reserves were quashed with the news on Friday that it has continued to add to its holdings. However, John Butler, chief investment officer at Atom Capital, and Alasdair MacLeod, the head of research at online bullion exchange GoldMoney Foundation, believe that Russian President Vladimir Putin could bring the country onto some sort of “gold standard” to try to shore up its economy.
“It was (and still is) in Russia’s power to adopt a gold standard,” MacLeod told CNBC via email.
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