People develop a fine sensation for geopolitical stress. For that reason they normally try to protect themselves against a possible loss of purchasing power. Until November Russians bought over 50 tonnes of gold bars - a record amount of the golden rock and an anticipation of what could happen to their savings in case of further escalations in Ukraine.
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0 sats \ 2 replies \ @notgeld 8 Feb 2023
No. It is just exit to relatively less regulated (due to external sanctions) asset.
There are also some changes were brought since 2014 for easing gold purchases for people, I can't remember exactly what. But this is for sure that there is shortage of dollars and reduced foreign exchange offices are at play.
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0 sats \ 1 reply \ @TomK OP 8 Feb 2023
But why would they change the than safe Ruble? Gold only has one real function: it's THE indicator of a loss of confidence in the stability of political systems
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0 sats \ 0 replies \ @notgeld 8 Feb 2023
Ruble is not safe, that's common knowledge among Russians. Well, may be only those who less damaged by propaganda. Even if one is very pro-Putin supporter, there is some place for foreign currency in savings since multiple generations of Russian know really bad record of busting local banks.
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