Posted on 12/16/2014 10:05:30 PM PST by blam
Elena Holodny
December 16, 2014
As Russia's currency crisis unfolds, Russians are scrambling to get their hands on US dollars.
Even Russians working in the oil sector are rushing to trade their rubles in for dollars.
A bank in Russia's Khanty-Mansiysk region — aka an area in Russia that produces approximately 51% of Russian oil — has completely run out of dollars, and is almost out of euros, reports Interfax.
The bank still has rubles.
"Basically, what this means is that people who work in the oil industry [in Khanty-Mansiysk] just got all of their money out of the bank in dollars," a person familiar with the matter told Business Insider.
Early Tuesday (late Monday ET), the Russian Central Bank raised rates to 17% from 10.5%. The bank's statement said the decision was driven by the need to limit significant devaluation in the ruble and inflation risks.
In a sentence, it did not work. The Russian currency fell to new lows, reaching 80 rubles to the dollar and 100 rubles to the euro on Tuesday. It first opened 8% stronger after the central bank's rate hike.
(snip)
(Excerpt) Read more at businessinsider.com ...
Silver is under $16 and gold is around $1,200. I guess now would be a good time to buy silver. It can go to zero and you wouldn’t lose much.
Personally I’ve got more silver than cash and I’d like to see silver going up. Way up!
They also don’t often report USA incomes.
The sanctions are working.
The NATO Cold War trip wires still exist, and that has kept the NATO allies and Russia and the old Warsaw Pact counties at relative peace for almost 70 years.
And at this point, Putin cannot even afford lunch in St. Petersburg, much less a war in Western Europe.
Mmmmmmmm Was it not just a few months ago the Ruskis with the Chinese were trying to hoodwink the Brazilians into selling their resources through some “anti-Dollar” trade currency?
You forgot the /sarc.
An ounce of Silver will always be worth an ounce of Silver. The dollar will someday not be worth the paper it is printed on.
Goldbug ping.
The price is right for buying.
Dollar not likely to tank with our new oil/gas resources and 6 year futures for light crude and Brent (heavy) crude not pegged to go above the mid 70s and lower 80s.
The USD has not even completed half its rise. Watch for the Euro breakdown below 1.22 in January, on its move down to parity
The quicker the better. I plan on vacationing in Europe in July...
I'll send 'em some dollars!
Putin can’t use dollars when he runs out. LoL!
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