BI - Russia will soon have no choice but to sell its gold reserves. Toldyaso:
On Wednesday, Kseniya Yudaeva, deputy chairwoman of Russia's central bank, promised to sell the country's gold to fund imports "if it becomes necessary". The worry is that the country may struggle fund imports due to sharp falls in the value of the currency, international sanctions over Ukraine, and a flagging economy.
Russia's international reserves have fallen from $509 billion at the start of the year to $439 billion at October 24, as the central bank has bought roubles to soften the currency's decline against the dollar and the euro. This has raised concerns that, if sanctions continue and the country's reserves fall further, it could threaten the country's ability to import crucial goods and services.
After they've burned through cash reserves, the gold goes out the door next.
That comes about 4-6 months from now.
Then they default on their debt.
Then they do whatever other dumb thing they can think of that involves continuing to piss off the Americans.
That's why I said it was dumb for goldbugs to get their hopes up over Russian central bank accumulation of gold.