Posted on 02/27/2022 10:41:58 PM PST by BenLurkin
Russia's Central Bank indicated it will dip back into the precious metals market.
"From February 28, 2022, the Bank of Russia resumes the purchase of gold on the domestic precious metals market. The purchase price of gold will be determined daily based on the morning price of the London Bullion Market Association (LBMA Gold Price AM)" a notice read on the bank's website, translated.
(Excerpt) Read more at foxbusiness.com ...
I’m shocked, shocked!
How dare they...sarc
Gold futures up only 12 and falling.
Would you trade gold for rubles?
My favorite trades over the decades are the blood in the street trades. Human nature when acting on pure fear is very prdictable. Fear of the unknown/future is always the greatest and that causes very big overshoots. I love to fade those. Not the type of trades for the slow or timid.
So to your question... I would have have traded gold for rubles last even when those markets opened and the ruble hit a new record low and gold had spiked up. I would have gone flat on that trade after those opening spikes reversed. Now I would pass on the trade. Way too unpredictable at this time.
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