To begin with, Russia has no need to sell gold. In fact, Russia added 150 tonnes of gold to its Central Bank holdings in August, September and October. It didn’t make any sense that Russia would then turn around and sell gold. Why? Russia runs a current account surplus - LINK. It has cash on its balance sheet. Something the U.S. can only dream about, as the U.S. Government has to issue debt every hour to fund itself. The last time the U.S. sniffed a positive balance of payments was in the 1980’s. Second, Russia just got through paying down...