Traders Betting Russia’s Next Move Will Be to Sell Gold
By GCRU Gold News on Wednesday, December 17 2014, 02:04 - Permalink
Russia’s surprise interest-rate increase failed to stop the plummeting ruble. The next weapon available to repair economic havoc caused by sanctions and falling oil prices: selling gold.
“Russia is at a critical juncture and given the sanctions placed upon them and the rapid decline in oil prices, they may be forced to dip into their gold reserves,” Kevin Mahn, who oversees $150 million at Parsippany, New Jersey-based Hennion & Walsh Asset Management. “If it happens it will push gold lower.”