Russia's Central Bank has raised its main interest rate from 10.5 per cent to 17 per cent in the middle of the Moscow night. http://www.ft.com/cms/s/0/dc3dcea6-8483-11e4-bae9-00144feabdc0.html
http://www.caseyresearch.com/cdd/russian-bear-or-gold-bull Purchases of gold This: Probably explains more the Russian perspective on entering into the US fiat game. This Wikipedia entry also gives a perspective on Russia's approaches to financial issues which threaten its survival http://en.wikipedia.org/wiki/1998_Russian_financial_crisis The Washington Post, 'voice of impartiality' under a heading Russia's Economy is Doomed, says: Which makes one wonder why, in all this, Russia continues to build gold reserves. Perhaps because they own Europe's gas supplies: Source: Business Insider Winter is coming.
the best action for their locals are to keep in Rub with their state banks. no point to convert to Forex and lose out.
Russia's bond markets are getting turtled up http://www.investing.com/rates-bonds/russia-government-bonds?maturity_from=10&maturity_to=290
You'll probably lose more than 17% in exchange rates before 12 months is out. The whole thing is about to get explosive IMO. Worse than 2008.
I just heard Russian central bank is now selling USD and have said they will sell enough of their foreign currency reserves needed to support the ruble
Theyr're selling their foreign reserves to try and support the "rubble" so far they have sold roughly $70 billion without success.
Russia's sinking economy becoming global threat http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11375640
ALso saw on the TV news Russia's stock market fell 12 % today. Not sure if this is accurate only what I saw on TV. (I just tried to look it up I may be wrong here. Just stumbled on an article saying that the value of Apple alone is way more than the entire Russian stockmarket).
As we can see, this is a very good example of why many stacker's say..."hold physical gold and silver as part of your portfolio". It's too late to buy gold or silver when a currency crashes. If Russian folk went to their dealer to buy gold or silver now it would be very expensive. If they had already owned gold and silver before the crash of the rouble, they could now sell that gold for more rouble's. (Sure, some could argue that the price of silver and gold have dropped and of course timing plays a big part in hind-sight) But...who knows how much further the rouble will drop and what actions Russia will take. I say, a few lumps of gold is a good thing to have...ya just never know when things can turn turtle.
