Putin's Insatiable Appetite for Gold Fueled By These 3 Things

By Audrey Clark

Putin’s Insatiable Appetite for Gold Fueled By These 3 Things by Audrey Clark

The Russian economy continues to plummet into the nadir of despair as low oil prices drive the ruble to record lows. Recently, Russian President Vladimir Putin has been buying gold in droves. What is behind this current unquenchable appetite for the yellow metal?

Political and Economic Turmoil

Bob Haberkorn, a senior market strategist at the prominent brokerage firm of RJ O’Brien, notes in an interview with NPR that Western sanctions, combined with the fall in oil prices, could be behind the turmoil in Russian stock and currency markets, which has prompted them to start purchasing gold bullion at record rates. Yahoo Finance reports that William Rhind, CEO of the World Gold Trust Services,...