Just a few months ago:
- traders were betting that Russia would have to sell its gold reserves
- But the newest data show the exact opposite.
Russia is now buying more gold:
- than it has since the days of the Soviet Union.
- It’s a smart strategy that has helped to stabilize its currency - the ruble
- And it will prove even more beneficial, if China really is planning to create a gold-backed super-currency, as some speculate.
Russia is also selling off its US Treasuries
- This is all part of Russia’s (and its pal - China’s) plan to undermine the US dollar
- Casey Research analyst Laurynas Vegys parsed the data, and he says the message is clear:
- “By offloading treasuries and loading up on gold, Russia is making an all-in bet against the US dollar, in favor of the yellow metal”