If you check the Russian Central Bank's site, you will see interesting figures for gold and forex reserves: http://cbr.ru/eng/hd_base/default.aspx?Prtid=mrrf_m Gold's values are expressed in USD. The value of their gold in USD. And it's interesting to see how it fluctuated, but in the end, it ended up higher than at the beginning. Even if gold dropped further, the total value increased. Because the continued to accumulate. But the forex reserves have dropped from: 474,950 (Nov. 2013) to 373,658 (Dec.2014). That's almost 25 % less! What are they doing? They are dumping forex. Once you take a look at the figures, you'll notice the trend. Russia is most likely dumping dollars and probably euros as well. After this december crisis, I expect to see even less forex in January 2015. Russia has a clear agenda. If they are buying so much gold and getting rid of their forex, something is going to happen. Probably, at least a partial gold-backing of the rouble. If you see these OFFICIAL FIGURES, you can't help thinking that indeed, that's what they have in their minds.
