Nope..........this is another gold bash rehash of news that
came out last week.In the mean time we learned that
Russia bought another 18 tons of gold,heck they produce
250 tons of it a year,3rd largest supplier....& hardly any of
it ends up in the western banking system,you never see a
russian bar,like you never see a chinese bar!
With fx reserves of $400 billion,Debts of $234 billion
& gold reserves of $40 billion plus hundreds of billions
in the ground as well as trillions in energy & commodities,
& all backed by China............what do you think you are
going to do to them?What do you think they are capable
of doing to you in return?
Ruble Defense Curtails Russian Reserves by $15.7 Billion in Week
Russia’s international reserves plunged the most in six years, losing $15.7 billion last week as the government and central bank pledged measures to support banks and defend the currency.
The value of the stockpile fell to $398.9 billion in the seven days through Dec. 19, the biggest drop since January 2009 and 22 percent lower than this year’s peak, according to central bank data today. That compares with a $1.6 billion decline the previous week.
Policy makers, led by central bank Governor Elvira Nabiullina, are fighting to stem the ruble’s worst slump since the 1998 default. As Russia slides toward a recession under the weight of collapsing oil prices and sanctions over the Ukraine conflict, the authorities have raised rates and taken steps to ease dollar demand. Russia sold about $4.8 billion in interventions and provided $9.8 billion under foreign currency repurchase agreements during the week ending Dec. 19, according to central bank data.
The ruble has lost about 27 percent against the dollar in the past three months, the worst performance among more than 170 currencies tracked by Bloomberg. It fell to a record low on Dec. 16, before the emergency steps halted the slide.
The Russian currency strengthened 1.7 percent to 52.55 per dollar by 3:24 p.m. in Moscow today.
To contact the reporters on this story: Olga Tanas in Moscow at otanas@bloomberg.net; Anna Andrianova in Moscow at aandrianova@bloomberg.net
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